After another quiet day on the Irish Stock Exchange yesterday, the ISEQ closed nearly 1 per cent stronger, up 45.82 points at 5,673.23.

The market is now less than 50 points down on where it started the year.

Yesterday's trading was characterised by very light holiday season volumes, producing price volatility among some stocks.

CRH continued its downward slide, dropping back 45 cents to €19.50 with just over 75,000 shares traded in Dublin, while Kerry Group advanced 45 cents to €13.85 with just more than 30,000 shares changing hands.

Pharmaceuticals firm Elan, which makes up around a fifth of the Irish index, accounted for more than half the ISEQ's gains, rising 2.09 per cent to €51.40.

Among the financials, Anglo Irish Bank notched up five cents to €4.30 on a volume of just over 12,000 shares traded. AIB also made significant gains on modest volumes of just more than 180,000 shares, eventually closing the day 22 cents stronger at €12.90.

Irish Life & Permanent also had a good day, picking up 20 cents to €11.60 with more than 300,000 shares changing hands. Bank of Ireland gained two cents to €10.45 on stronger volumes of 350,000 shares traded, while First Active shed nine cents to close the day at €3.20

Financial services group IFG was 15 cents higher at €3.35 as it continued to reap the benefits of interest among UK insurers in independent financial advisers.

UK insurer CGNU recently took a stake in IFG, buying two million shares at €3.10 each.