Dublin report:The Irish market rose for a fourth day yesterday, reversing some of the significant losses seen last week. While the overall gain of less than half a per cent was marginal, dealers said the market was starting to feel stronger. The direction of today's movement, however, will likely depend on the rate decision in the US.

Local stock-specific news was limited yesterday, though positive results from Newcourt did help push its shares up almost 6 per cent. The recruitment and outsourcing group said its pretax profit more than doubled to €5.7 million last year, boosted by acquisitions, while turnover was 78 per cent ahead at €116.5 million. The shares closed up 10 cent, at €1.79.

Elsewhere, the airlines also put in a strong performance, with Ryanair finishing the day up 5.3 per cent, at €5.93, and Aer Lingus closing 3.7 per cent ahead, at €3.10, after both announced significant increases in baggage charges. Ryanair in particular was in demand, with 6.8 million shares changing hands.

Moving in the other direction, drinks group C&C was the victim of some profit taking. Prior to yesterday, the shares had gained almost 15 per cent in just over a week and, as a result, dealers said they were not surprised by yesterday's decline. The shares fell 5.3 per cent, or 60 cent, to close at €10.75.

Dealers were surprised, however, by a small decline in Bank of Ireland shares. The group is due to release a trading update today, which analysts expect to be positive. The shares, however, slipped 11 cent, to end at €17.15.

Tullow Oil and Independent News & Media (IN&M) are also due to release results today. Tullow was steady, up one cent, at €5.31, while IN&M closed unchanged at €3.11. Almost five million shares in the publishing group changed hands.