Market report: The Irish stock market edged higher yesterday, although trading was relatively quiet with Eircom one of the few features on the day. The ISEQ closed 24 points higher despite a lower close in London and signs of early weakness in New York.

More than 10 million Eircom shares changed hands in Dublin as the stock added six cents, or 2.8 per cent, to €2.20, building on recent gains.

Dealers said that, with management on the road meeting investors in the wake of the recent results, investor interest in the telecoms group was high.

Otherwise, trading was lacklustre with financial stocks turning in a mixed performance. AIB added six cents to €15.91, Anglo Irish Bank edged up by 15 cents to €20.10.

Bank of Ireland closed three cent lower at €12.75. Irish Life & Permanent also gave up ground, closing seven cent lower at €14.55.

Outside of Eircom and the financials, volumes were light. Just over 1.2 million Ryanair shares traded as the airline added seven cents, or 1 per cent, to €6.48.

Pharmaceutical group Elan steadied up after last week's softness, closing 64 cent, or 3 per cent higher, at €20.99 in Dublin.

CRH, which benefited on Friday from news of progress on the US highway funding programme, gave up 16 cent to €21.84.

More than 900,000 Fyffes shares traded but the stock closed one cent lower at €2.07, while DCC had a quiet day, also finishing a cent lower at €18.29.

Other movers yesterday included Irish Continental Group, which added 20 cents or 1.7 per cent to €11.70. Drinks and snacks group C&C, which issues a pre-close trading statement later this month, gained five cents to €3.23.

Among the market minnows, exploration group Ormonde Mining shot up by three cents, or 19 per cent, to €0.19 amid talk it might be a takeover target. Aminex also had a good day, adding one cent, or 4.6 per cent, to €0.16.

Settlement Day: February 17th