DUBLIN REPORT: Iseq: 2.048.36 (+84.02) Settlement date: March 9th

THE ISEQ outperformed European markets yesterday, rising more than 4 per cent to 2,048.36. This was driven mainly by the exchange’s two biggest players, CRH and Ryanair.

Buyers came out in force yesterday in favour of CRH, which announced on Tuesday that it hopes to raise €1.26 billion in a rights issue. The building materials heavyweight gained 65 cent to close at €16.20 as investors continued to buy into this news.

After suffering from what brokers described as "indiscriminate selling" in recent days, budget airline Ryanairregained altitude, rising by almost 25 cent to close at €3.08.

Despite reporting a larger-than- expected drop in its 2008 operating profit and raising its impairment guidance yesterday, Irish Life & Permanenthad a solid day's trading, closing up 27 per cent to €0.914. One broker attributed the jump to a "relief rally" – although the group's results were not great, no fresh controversies emerged.

AIBstruggled to hold its ground as it was ejected from the Dow Jones Dividend Index, and by the end of the session had tumbled more than 18 per cent to just over €0.34. Bank of Irelandslipped one cent to €0.18.

Investors responded negatively to the disappointing results published by FBD Holdings, and it slipped 4 cent to €6.70.

Meanwhile, Paddy Power consolidated recent gains made on the back of reasonably strong results out earlier in the week. The bookmaker traded up by 5 cent to €12.20.

Tullow Oilshot up by 48 pence to £7.15 on the London Stock Exchange due to "chatter" that a large Chinese company is "sniffing around" the Irish exploration company, a broker reported, although he said that any such speculation should be "treated with a pinch of salt".