The Irish stock market closed nearly 50 points higher as dealers reported some renewed buying interest after a poor performance earlier in the week.

However, one dealer cautioned that the bounce was more technical than fundamental and no one had really changed their basic view of the market. "It's probably just a dead cat bounce," he said.

Traders also noted that volume remained light at a below-par 11.5 million shares.

Among the strong performers on the day was Jurys Doyle, up 40 cents or 5 per cent at €8.40 while Ryan Hotels added 5.5 per cent to €0.77. Dealers said growing optimism that foot-and-mouth disease could be contained had boosted the hotel stocks which had suffered amid fears for the tourist sector.

In the high-tech sector, Horizon Technology moved ahead, gaining 10 cents or 2.7 per cent to €3.80. But other technology companies remained vulnerable with Iona losing 50 cents, or 1.6 per cent, to €30 in Dublin while Baltimore closed 1.3 per cent lower at 73.3p in London.

Leading Irish financial stocks turned in a better performance with AIB 15 cents higher at €11.45, Bank of Ireland also up 15 cents at €9.40, Anglo Irish seven cents firmer at €3.30 and Irish Life & Permanent adding 20 cents to €12.40.

In other trading, Eircom lost three cents to €2.35 while Ryanair shed 21 cents, or nearly 2 per cent of its value, to close at €10.55 despite being upgraded by Commerzbank and announcing the launch of four new routes from London to Europe.