Global stock markets provided the confidence behind yesterday's boost in the ISEQ as the main financials and industrial shares experienced modest gains. The continued rally in Hong Kong buoyed the European markets and encouraged the rise of almost 9 per cent in the index.

"The international backdrop has become the most important factor over the last couple of weeks," one dealer said.

There was large volume trading in Smurfit, much of it from overseas, resulting in a rise by 3p to 188p. A dealer said a company roadshow in the United States was probably helping the price. Further interest in the banks saw AIB go to 583.75p from 565p, while Bank of Ireland saw some return on its results last Thursday, with upward movement of 10p to 895p after ten deals. Anglo Irish Bank also gained, up 3p to 111p, while Irish Permanent was up 3p to 663p. Hibernian, at 475p, and Irish Life, at 345p, were unchanged and Norwich was down 4.5p to 408p. Despite yesterday's announcement by British Airways that it is to establish a separate low cost, no frills, airline service, Ryanair's share price was unaffected. The Irish airline's share price closed up 6p on the day at 320p.

Along with Smurfit, other industrials performed well, with Clondalkin up 10p to 570p, CRH up 5p to 765p, reversing some of its slippage on Friday, and Water- ford Wedgwood up 0.5p to 77.5p. Kingspan, after its share split, made a 10p gain to 240p, representing 1200p under its old price structure. Ardagh was up 10p to 135p, after news of an expansion plan, coupled with a redundancy package.

Among the food groups, Fyffes was up 2p to 100p, and Greencore was up 9p to 304p, but Golden Vale was down 2p to 78p and Kerry was down 10p to 780p.