The Dublin market put in an improved performance, benefiting from a firmer tone on major international markets, but few in the market are convinced that Dublin's underperformance has yet come to an end.

The best performer of the day was Eircom which traded upwards in some sizeable volumes in Dublin and London, hitting a high of €4.14 (£3.26) before closing up 12 cents on €4.12 (£3.24). Eircom ADRs were also firmer on the New York Stock Exchange, trading 81 cents higher to $17.81 by the time the market closed.

Another strong performer on the New York market was software group Iona, which continued to benefit from a positive reaction to its third quarter results. After closing almost $3 higher on Wednesday, the shares made further gains yesterday and were 69 cents higher on $18.69 (€17.32) as Dublin closed, with demand for the shares fuelled by an upgrade from a "hold" to a "strong buy" from Prudential Securities.

Most Irish-connected stocks were stronger in New York, with Smurfit Stone up almost $1.25 to $21.50, while Smurfit ADRs were 75 cents higher on $28 (€26). In a research note, Davy has pointed to the increased turnover in Smurfit ADRs, with average daily turnover now equivalent to 360,000 ordinary shares. In Dublin, Smurfit ordinary shares were up five cents on €2.63 (£2.07).

Leading stocks in Dublin were mostly firmer, with AIB up seven cents on €12.22 (£9.62), Bank of Ireland up four cents on €7.93 (£6.25), while CRH added five cents to €19.10 (£15.04).

Others to notch up gains were Tullow - up three cents to €0.85 (£0.67) and Anglo Irish - up 3 1/2 cents to €2.31 (£1.82). It was not all upward movement, with DCC down eight cents on €7.25 (£5.71) and Ryanair down 15 cents on €8.45 (£6.65).