Market Report:The Iseq continued its recovery yesterday in line with the rest of Europe. Having jumped nearly 1½ per cent at the start of the session, however, the market gave up much of those gains during the day, before a small rally saw it close 40.78 points or nearly half a per cent higher at 8,318.33.

Insulation materials group Kingspan put in a strong performance on the back of good numbers in a trading statement issued by peer company Rockwool late on Wednesday.

It closed the day up more than 4 per cent at €18.05, a gain of 75 cent.

Other construction stocks had a mixed day. CRH, which announced that it had acquired the remaining 55 per cent of Cementbouw, a Dutch trader in cement and fly-ash, not already owned by the company, slipped back a little on the day, losing five cent to close at €31.59. Grafton picked up a cent to finish at €9.70. Drinks group C&C also enjoyed a good day ahead of its trading statement today.

Positive comments from rival Scottish & Newcastle's marketing manager that the cider market will outstrip ale by 2009 also helped to boost the stock which closed the day at €5.33, up more than 4 per cent on the day.

The financials enjoyed a mixed day.

Anglo Irish Bank drifted off a little, shedding four cent to €13.79, while FBD continued its downward move and dropped €1.30 or nearly 5 per cent to €25.10.

AIB, which followed the market by opening strongly and trading in the €18.90s, drifted as low as €18.20 during the session before closing the day marginally up at €8.63, a gain of two cent.