You know market traders are having a bad quarter when even a rise of close to 3 per cent in the key financial stocks on the Irish Stock Exchange is greeted with scepticism.

AIB, Bank of Ireland and Anglo Irish led the charge in Dublin yesterday as the financials added almost 360 points, or 2.87 per cent.

That was more than enough to offset a slight weakness among other stocks and the overall Iseq index ended the day 90 points or 1.16 per cent ahead.

Traders were slow to read anything into what was the second strong day in succession for financials. "It's difficult to know whether it is a false dawn," said one trader.

Bank of Ireland saw prices jump 40 cents or 3.18 per cent to hit the €13 level for the first time since September 6th.

AIB was 37 cents (2.23 per cent) stronger yesterday on €17 while Anglo Irish Bank ended the week on €13.26, up 56 cents or 4.41 per cent on the day. Irish Life & Permanent closed on €15.50, up 20 cents. Bank volumes were particularly strong in London.

Ryanair was in the spotlight after holding its annual investor day in London. Analysts were left slightly confused as strong comments were not backed up by talk of an upgrade in company forecasts and the shares slipped 10 cent to finish on €5.

Construction stocks again battled to make headway a day after Merrion issued a buy note on CRH. The index's largest industrial share added 33 cents to close on €27.85. Kingspan was also firmer yesterday, closing on €15.40, up 12 cents, though Grafton was almost 10 cents weaker at €7.85.

McInerney came under further pressure after poorly received interim figures earlier in the week. It gave up another 10 cents or 7 per cent to close at €1.30.