Iseq:2,987.24 (+69.01) Settlement date:December 9th

DUBLIN- AND London-listed housebuilder Abbeydelivered the performance of the day on the Irish market, boosted by a strong set of first-half results.

Abbey moved ahead by more than 9 per cent, or 40 cent, to finish the week at €4.80.

Although brokers dismissed as unfounded earlier rumours of a takeover bid for Irish Life & Permanentby France's Axa, the stock continued its rally from Thursday, adding another 8.5 per cent, or 30 cent, bringing it to €3.80.

Institutional interest in bank stocks was subdued, however, as international investors are sitting on the fence until they see whether the Government makes sweeping cuts in next Wednesday’s budget.

“Foreign investors would have more confidence in Ireland if they take the tough decisions,” one broker said.

Both Bank of Irelandand AIBwere down on the day at €1.64 and €1.56, a decline of 3.4 per cent and almost 2 per cent respectively.

The Iseq's two largest components, CRHand Ryanair, enjoyed a strong session, and helped drive the index up 2.36 per cent.

CRHrose 4.5 per cent to €18.40 on the back of positive US non-farm payroll numbers. Ryanairtraded as high as €3.14 at one point but settled back to €3.07, still a gain of more than 4 per cent.

Traders reported strong volume in pharmaceuticals company United Drug, with international investors coming into the pharmaceuticals game yesterday.

However, although it hit a daily high of €2.20, the stock slipped back to finish down 1.7 per cent at €2.16.

Elsewhere in the pharmaceuticals sector, Iconcame under pressure following the receipt of a warning letter from the US Food and Drug Administration in relation to two clinical studies conducted between 2004 and 2006.

The stock tumbled almost 8 per cent, or €1.25, to €15.05.