Market Report: The Irish stock market gained more than 1 per cent yesterday, led by financial and pharmaceutical stocks and helped by a strong performance in other European markets.

Settlement Date: May 20th

Bank of Ireland stood out on the day, gaining 37 cents, or more than 3 per cent, to 11.54 in the wake of its full-year results. Dealers said the results were in line with expectations, while indications from the bank that it would return to the market to buy back its own shares also helped the stock to move ahead.

AIB gained a more modest five cents to €13.75 but enjoyed heavy trading volumes as more than 11.6 million shares were traded. Dealers put the activity down to the bank again buying up its own stock. Anglo Irish also moved ahead, adding 14 cents to 7.25.

Meanwhile, Galen added a further 40 cents, or 5 per cent, to Wednesday's 9 per cent gain in the wake of its second-quarter results, closing at 7.90 in Dublin. Despite the postponement of the start of a court hearing in its lawsuit against King, Elan ended 16 cents higher at 4.

Viridian was another strong performer on the day, gaining 36 cents to 7.50 after releasing a good set of full-year results.

More than 4.6 million Ryanair shares changed hands as the shares lost four cents to 5.77, although dealers said they should be well supported at that level.

Glanbia shares added two cents to 1.45 despite Dunnes Stores decision not to buy liquid milk from the food group. Iona shares finished five cents lower at 1.55 after a reshuffle of top management saw chairman Dr Chris Horn return as chief executive.

The National Treasury Management Agency said yesterday that its €650 million auction of bonds due in 2009 was covered twice.