Market report: ISEQ closes up nearly 3%

The ISEQ performed strongly today up nearly 2.8 per cent to 5807 as a number of front-line stocks consolidated early gains.

Heavyweight pharmaceutical stock Elan gained nearly 5 per cent to euro 55.00 driving the index ahead.

Financial stocks were mostly firmer today with good gains for Bank of Ireland up 29 cents to euro 10.27, followed into positive territory by Irish Life and Permanent up 18 cents to euro 12.20 and AIB whose shares reversed early loses to close up four cents on euro 12.84.

Eircom closed ahead seven cents on euro 2.50, Tech stock Riverdeep gained 15 cents to euro 4.15 while Horizon fell over two per cent to euro 7.31.

Other stocks on the move included Glanbia down two cents on euro 0.62, United Drug gained 40 cents to euro 11.50 while Jurys fell 15 cents to euro 9.50.

Leading shares closed higher today, but well below their best levels for the day after a strong session, with support from a bounce back by technology issues in reaction to Nasdaq's ongoing recovery, offset by Wall Street's fairly muted morning performance, dealers said.

At the close, the FTSE 100 index was 49.7 points firmer at 6,288.4, well below its late morning peak of 6,264.4.