DUBLIN REPORT Iseq: 2,431.11 (+44.21) Settlement date: April 27th

THE IRISH market finished in positive territory for the second day in a row as gains by drug-maker Elanand market-heavyweight CRHsaw the overall Iseq index gain 44.21 or 1.85 per cent to close on 2,431.11.

Elan announced first-quarter results largely in line with expectations, with strong sales of its MS drug Tysabri failing to offset a net loss of $102.6 million.

Brokers noted that there was no update on the company’s strategic review, which is the main point of interest for investors in the current climate.

Despite this, the stock was bid up over 5 per cent to €4.47, with about 300,000 shares changing hands in Dublin.

“All that people really cared about was the strategic review, and they didn’t mention anything. They’re clearly for sale and nobody wants to buy them,” one Dublin-based trader said.

“I’m surprised the stock hasn’t been hit harder but it’s at a bit of an endgame, just lingering here, doing nothing.”

CRH gained 3.2 per cent to close at €17.35, possibly helped by better than expected results from Caterpillar in the US, where the Irish construction giant has a large exposure.

Elsewhere, Independent News & Mediacontinued to add to its gains of recent days. The media group finished up 9.52 per cent at €0.23.

Packaging group Smurfit Kappamade similar gains – up 9.2 per cent to €1.90 – although there did not seem to be any specific news flow driving the lift.

There was mixed fortunes for the banks, although the ISEQ financial index was up 1.8 per cent to 664.22.

AIBadded 3.33 per cent to €0.930, and Bank of Irelandwas also in positive territory, closing on €0.72, up 3 per cent.

Irish Life & Permanentlost ground, however, and finished at €1.82, down almost 2 per cent.