MARKET REPORT: The ISEQ index of Irish stocks closed up 44.45 points or 0.87 per cent at 5,178.12 yesterday, as Jefferson Smurfit soared on bid talk. Smurfit dominated the market with more than 49 million shares traded, although some of this may have been double-counting. Nevertheless, the huge volumes sent the stock's price soaring by some 17 per cent, to close 46 cents up at €3.13. At one stage, the stock was up nearly 25 per cent.

The news surrounding Smurfit overshadowed much of the other happenings in the market. Pharmaceuticals firm Elan was 56 cents weaker at €12.76, as concerns persisted about the company following its posting of lower first-quarter profits, due in part to losses on investments and one-time charges. However, as the Irish market closed, the stock was recovering somewhat in the US, where it was just two US cents weaker at $11.98.

CRH, which announced that it had acquired German concrete pavement and landscape walling manufacturer EHL Group for €155 million, closed the day two cents up at €19.

Financial stocks enjoyed reasonable interest and volumes. Bank of Ireland and AIB both had moderately successful days, but taken against the background of UK and European banks, they underperformed.

AIB picked up one cent to €14.44, with more than one million shares changing hands, while Bank of Ireland advanced 12 cents to close at €12.87 on volumes of more than one million shares traded. Irish Life & Permanent enjoyed a good day, picking up 25 cents to close at €15.30.

Elsewhere, Galen picked up 45 cents to €9.20, Power Leisure dropped back 18 cents to €5.35, while Irish Continental was 23 cents weaker at €8.57.