Market Report:Sentiment was positive in the Irish market yesterday, with a series of steady gains over the week helping the Iseq to its highest close in three weeks.

Over the course of the week, the index is up almost 2 per cent.

IEX minnow Oakhill was again the star of the day, adding to the 54 per cent it gained on Thursday with another 50 per cent jump yesterday.

The shares, which continued to benefit from news of a revamp to be led by former Eircom finance director Philip Lynch, closed up 10 cent at 30 cent, with as many as 1.6 million units changing hands.

Petroceltic, another small but volatile stock on Dublin's IEX, also put in a strong performance, rising 10.6 per cent, to close at 22 cent. Dealers said the company, which has a licence to drill for oil in Algeria, is likely to be benefiting from news that one of its rivals in the area had received a takeover offer.

Among the larger stocks, Bank of Ireland and Irish Life & Permanent outperformed their rivals, with Bank of Ireland closing up 26 cent, or 1.6 per cent, at €16.38. Irish Life & Permanent added 44 cent, or 2.1 per cent to end the day at €21.49.

Dealers described volume in the banks as decent.

Elsewhere, Smurfit Kappa rebounded from the sell off it saw on Thursday, rising 47 cent, or 2.6 per cent, to close at €18.90.

Tullow Oil was one of the many beneficiaries of a rise in oil stocks. Its shares closed up 10 cent, or 1.9 per cent, at €5.50.

Drinks group C&C was also a good mover, though dealers could pinpoint no specific reason for the gains apart from the good weather boosting positive sentiment surrounding the group's cider.

The shares added 15 cent, or 1.2 per cent, to end the day at €12.25.