Another powerful run by Smurfit on the back of its results and a strong performance by the US packaging sector after good industry statistics were the dominant feature on the market, where the 1 per cent fall in the ISEQ was largely due to a sharp fall by index heavyweight Elan.

Investors have been encouraged by the positive tone to the trading statement with the Smurfit results, and the latest industry figures from the US, which showed a fall in stocks and a rise in shipments, seem to support the Smurfit view that liner-board prices are becoming firmer.

Smurfit jumped to a high of €2.40 (£1.89) before closing up 18 cents on the day on €2.30 (£1.81), a long way above its €1.14 low of mid-1998 but still a long way short of the €3.52 high after the Smurfit Stone merger.

Among the leaders, there was some profit-taking, with AIB down 15 cents on €15.95 (£12.56). Bank of Ireland was 15 cents easier on €19.25 (£15.16) while CRH lost 35 cents to €17.40 (£13.70).

In Dublin, Elan lost over €4.19 to €64.78 (£51.02) in response to the weakness of the share on Nasdaq where the share was down another $2 plus as the market took a negative view on the statement that it will probably be the fourth quarter before Elan gets FDA approval for its ziconitide drug.

Elsewhere it was mixed stuff, with DCC up 10 cents on €7,65 (£6.10), Glanbia down 5 cents on €2.05 (£1.61) and Grafton down 30 cents on €17.90 (£14.10). IFG's results did not seem to impress the market, with the shares down 9 cents on €0.70. Ryanair, however, continued its strong run and jumped 33 cents to €8.43 (£6.64).

On Nasdaq, Irish stocks other than Elan had a better day and Iona continued its strong recovery, trading up almost $31/2 to almost $20 by the time the Irish market closed. Icon, CBT and Trinity Biotech were all firmer in the early session in New York.