Market report:YESTERDAY'S RALLY on the Irish market was categorised as some brief relief before the inevitable next sell-off by one trader. The Iseq overall index gained 2.25 per cent or 43.88 to finish on 1,991.29, stubbornly shy of the psychologically important 2,000 mark.

In common with exchanges across Europe, the index opened on a negative note but moved into positive territory when the US market opened, sending a positive feel across the Atlantic.

Cement giant CRH, which following the collapse in bank stocks accounts for over one third of the value of the Iseq, drove the market up. On a day with little news specific to Irish stocks, it gained 3.19 per cent to finish the day on €14.25.

The positive sentiment did not spread out evenly to other construction-related stocks. Kingspan, building on the gains of Wednesday, added 4.01 per cent to €2.465 but Grafton was one of the bigger losers of the session, shedding 3 cent or 2.03 per cent to close at €1.45.

Elsewhere most of the main Irish stocks finished off their session lows. Although Ryanair lost just over 1 per cent to close at €2.88, the shares had changed hands at €2.83 in earlier trading.

Elan also reversed early losses for a second straight day of gains. At the close, the pharma group’s shares were changing hands at €4.25, a gain 5.46 per cent.

In line with financials across Europe, the Irish banks had a good session. AIB gained 6.82 per cent to €0.47, Bank of Ireland was up 14.42 per cent at €0.23 and Irish Life and Permanent added 3.27 per cent to close on €0.79.

Although the Irish have been having a good week at Cheltenham, Paddy Power’s stock refuses to rise.

It lost another 10 cent in yesterday’s trading and closed on €12.00.

Settlement date: March 17th