The market closed 0.42 per cent stronger at 5,841.55 on the back of firm trading and reasonable volumes.

News of a forthcoming 10 million share offering pushed Ryanair's price downwards, despite good results. Its shares traded down 7 per cent to as low as the €11.50 level at one stage, before rallying in the afternoon. The stock eventually ended the day 51 cents weaker at €11.80.

Financials were well-supported with some decent buying of Bank of Ireland and Anglo Irish Bank shares. Nearly one and a half million Bank of Ireland shares changed hands, with the stock closing 10 cents firmer at €10.35. Anglo Irish was up nine cents at €3.65 with more than two million shares traded.

AIB was one cent stronger at €12.80. However, First Active lost eight cents, closing at €2.40.

Good two-way trading in Eircom shares saw nearly eight and half million shares change hands. However, the stock closed virtually unchanged at €2.56.

Smurfit continued its upward movement, gaining seven cents to €2.17 on good volumes of more than three million shares. CRH also put a strong performance, picking up 20 cents to close at €20.26, with nearly 700,000 shares changing hands. IAWS shares were also in demand, with the stock gaining 20 cents to €7.30.

Galen, which also reported strong results yesterday, finished up 15 cents at €13.40.

Irish tech stocks trading on the Nasdaq were all putting in good performances as the Irish market closed. Baltimore was trading 4.14 per cent stronger at $11, while Trintech was up 2.33 per cent at $8.25. Riverdeep was ahead 2.65 per cent at $24.25 and Iona was trading up 1.13 per cent at $55.88.