With the Japanese markets stronger on news of the resignation of Prime Minister Ryuotaro Hashimoto and the new $22.6 billion (£16.25 billion) loan to Russia boosting optimism on the global economy, the Irish market moved ahead to close not far short of an all-time high. Trading volumes were, however, relatively modest.

The only corporate news of note was the surrender by Trafford Park to the hostile bid from Green Property. The market in Dublin has welcomed Green's determination to resist demands for a higher bid and the shares were well-bids on 520p yesterday although they were down 5 1/2p on the day.

Among the leaders, fortunes were mixed. Bank of Ireland eased 9p to £15.56 while other financials were generally firmer, with AIB up 8p on £11.20, Irish Life 12p higher on 712p, Hibernian up 10p to 775p while Irish Permanent was 10p higher on 960p.

Ryanair did not trade in Dublin but was in demand in London and New York. In London, the shares were up 8p, on 503 1/2p sterling while the NASDAQ-listed ADR's were trading $2 higher on an all-time high of $42 as the Dublin market closed.

Industrials were also mixed, with CRH down 4p on £10.37 while Independent was also weaker on fears about the Pacific Rim economies, closing down 6 1/2p on 353 1/2 p. A combination of factors left Smurfit 6p lower on 205p while James Crean was 5p lower on 145p. Elan jumped over £2 to close on £51.86 as the shares jumped $1 1/2 on NASDAQ to $72 1/2. Esat eased $1/4 to $42 3/4 while CBT was $1 1/4 lower on $61.