Market Report: The stock market gained 1 per cent yesterday, lifted by strong performances in London and New York on foot of strong results from banking giants such as Citigroup and Bank of America.

Settlement Date: July 17th

The strong start to the second-quarter reporting season in the US boosted Wall Street and had a knock-on effect on European markets, including Dublin, where the banks were among the beneficiaries.

AIB added 20 cents to 12.95, helped by second-quarter results from M&T, in which it has a 22.5 per cent stake, which were broadly in line with market expectations.

Anglo Irish Bank was also up 20 cents to €8.20 while Irish Life & Permanent gained 12 cents to 9.87. Bank of Ireland, which announced that it had bought back 70,000 shares at 10.20 each last Friday, logged a more modest gain of five cents to 10.45.

Elsewhere, volume in the Irish market was relatively light. Elan lost 24 cents to 5.16 ahead of today's deadline for filing its 2002 annual report with the SEC. It should be clear by the close of business today whether the drugmaker can submit its filing or whether it will have to apply for a further extension.

Close to two million Barlo shares were traded as the market absorbed news of a possible management offer for the company. While analysts said an indicative offer of 30 cents was too low, the shares closed three cents lower at 0.32 as the market wondered whether a significantly higher price would be forthcoming.

Other movers yesterday included Ryanair, which gained 24 cents to 6.19, lifted by a strong performance from the ADRs in the US, and Icon, which added €1.75 to 28.25 on foot of a strong performance in the US ahead of results at the end of the month.