Market report: As has been the case in recent months, the Irish market lagged behind its European counterparts yesterday, but nonetheless ended the week on a positive note.

The main news of the day was provided by beleaguered drinks manufacturer C&C. Although its trading statement held very few surprises, the stock nevertheless rebounded a touch, gaining six cent to close at €5.39.

It became clear AIB has almost certainly lost the fight to retain membership of the Eurostoxx 50, but the stock remained buoyant, trading up 10 cent to €18.74, indicating the market may already have priced in the bank's relegation from the index.

Bank of Ireland put in a strong performance, trading up 2.12 per cent, or 28 cent, to €13.60.

Kingspan emerged as the star performer in the construction sector. Boosted by positive comments from UBS and Merrill Lynch, the stock jumped 5.26 per cent, or 95 cent, to €19.00.

One trader noted Kingspan had been "really overcooked" in the last few days, and said investors were buying the stock in the hope interim results next week would beat expectations.

Positive sentiment in the construction sector was not confined to Kingspan, with CRH and Grafton Group rising 21 cent and 10 cent respectively, to close at €31.80 and €9.80.

Independent News & Media closed up 12 cent at €3.45, although it is thought this may simply have been caused by the company buying back its shares.

The "darling of the market", as one trader described Tullow Oil yesterday, traded up 6 per cent, or 43 cent, to €7.60. It is believed the positive newsflow filtering through about Tullow's exploration activities (as opposed to the impending publication of its interim results) provided the main impetus for the activity.