Dublin report:   Dealers breathed a sigh of relief yesterday as the story in the Irish market became a positive one at last. The Iseq closed up 1.6 per cent at 9,350.

With a strong lead taken from the US overnight, most of the Iseq's main members moved ahead, boosted locally by news that Anglo was seeking to raise €542 million through the issue of 35.7 million new shares.

News of the placing, which was substantially oversubscribed, boosted the stock immediately even though the new shares do not start trading until February 8th.

Yesterday the stock closed up 54 cent, or 3.5 per cent, at €16.05 on significant volume - 11.8 million shares changed hands in Dublin alone, with a further eight million trading in London.

Dealers said the placing was evidence of the management's confidence in the company and that the funds raised would help expand the business. The company has its agm today.

Luckily for the Iseq, most of the index's other members took their lead from Anglo's gains.

The financials were no exception, with Bank of Ireland pushing 31 cent, or 1.8 per cent higher, to €17.45 on almost three million trades. AIB, meanwhile, was up 42 cent, or 1.9 per cent, to close at €22.55. Almost 2.3 million shares changed hands.

Aer Lingus put in a strong showing after what has been a quiet few weeks for the stock. The shares closed up 10 cent, or 3.6 per cent, to €2.90.

Ryanair was up 13 cent, or 1.2 per cent, at €11. The company yesterday won an appeal challenging the right of the Labour Court to investigate complaints by the airline's pilots.

C&C rose 37 cent, or 3.3 per cent, to close at €11.75. One dealer attributed the gains to talk that the company was seeking to expand its UK orchard acreage.