The extraordinary rebound in New York markets after the surprise cut in US interest rates was followed by modest gains on the Irish market, although the ISEQ under-performed European markets with a rise of just over 1 per cent.

Turnover in many of the larger financial and industrials was heavy, with more than 11 companies trading in excess of one million shares.

Waterford Wedgwood was once again the most active stock, with almost 14 million trading as the price rose six cents to €1.31. There was also heavy trading in financials with three million Bank of Ireland shares trading and the share easing back 11 cents to €10.52. Anglo Irish had volume of 1.3 million shares and gained 8 cents to €3.15, while AIB was 30 cents higher on €13.55 in volume of one million shares.

The renewed emphasis on growth stocks did not prevent some of the "old economy" Irish stocks doing well and CRH was up 40 cents on €19.75 while Smurfit jumped nine cents to €2.15.

The recovery by Vodafone helped Eircom, and the shares regained eight cents to €2.55 in a volume of almost 3.8 million.

Excellent results and a big dividend helped Abbey jump 28 cents to €3.48, Golden Vale was five cents higher on €1, while Independent News & Media gained 30 cents to €3.40. Marlborough - which fell heavily earlier this week - was 40 cents higher on €1.40.

Irish technology stocks listed in London had a good day, with Baltimore up 35 1/2p on 319p sterling and Parthus 9 1/2p higher on 167p sterling.