Elan takes the limelight with a massive 27% gain

MARKET REPORT: The market was in the black by a healthy 1.5 per cent at the close yesterday, with Elan the undoubted star performer.

News that the previously troubled pharmaceutical firm was on track to bring a key drug to market sooner than had been expected provided a huge fillip to its shares from the start, with some two million units traded in Dublin throughout the session.

The company finished a massive 27 per cent higher at €8.75.

Elsewhere, the selling activity that has been dogging the financials over the past while appeared to be over, with both AIB and Bank of Ireland performing strongly yesterday.

AIB, which will report full-year numbers on Tuesday, closed at €13.36, up 14 cents, while Bank of Ireland climbed 21 cents to €11.20.

Anglo Irish remained under pressure, however, with shares closing 15 cents weaker at €12.73.

Irish Life & Permanent advanced 17 cents to €13.75 on reasonably low volume.

In the industrials, CRH fell five cents to €16.90, as the market considered how renewed dollar weakness would affect the translation of its US profits.

Ryanair, which benefits from dollar weakness on the cost front (as well as sterling strength on the income side), rose five cents to €4.95 after trading in a tight range for most of the day.

McInerney lost more ground to profit-takers in the wake of Tuesday's solid numbers, falling two cents to €5.23.

MBO-target Barlo continued to attract good buying attention at levels above the buyout offer of 40 cents. Shares closed unchanged at 42 cents on volume of more than two million.

Heiton shed 15 cents to finish at €4.60, while competitor Grafton was unchanged at €5.95.

Gresham, which has attracted a takeover approach at €1.40, added one cent to close at €1.33.

Jurys Doyle finished at €10.85, up 15 cents. The move came on low volume. Dragon Oil was the biggest loser on the day as it fell 14.5 per cent to 47 cents on reasonably active trade.