The Dublin market staged an end-of-year rally yesterday on the back of buoyant international trade, although volumes remained relatively low. The news of attempts to bail out the South Korean economy fed all the European markets, and Dublin was no exception. Despite this, dealers pointed out that thin end-of-year trading always tends to exaggerate the rises.

Many dealers were said to have squared their books for the end of year and were reluctant to engage in trade characterised by poor liquidity.

Some dealers pointed out that the payment by GE Capital for Woodchester Investments finally came through and this gave a boost to the flagging trade.

The payment had been delayed because all the regulatory approvals required to complete the deal had not been received in time.

The financials were the main movers on the day with Bank of Ireland, up 45p, rising strongly from 1015p to 1060p. Allied Irish Bank repeated the trend, rising from 645p to 665p, in trading which was quite busy for this time of the year. Irish Life continued its upward curve with a rise from 368p to 390p in mediocre trade.

A drilling update from Tullow Oil did not prevent its share price falling from 164p to 158p in slow trading. The company announced the completion of the second well of its two-well programme, which showed gas at non-commercial rates from two intervals in the Sembar and Basal Lower Goru Formations.

Meanwhile, predictions about a sharp fall in the share price of ILP Group seemed to have been overplayed as the stock stayed unchanged, despite the profit warning issued just before Christmas.

Clondalkin Group gained 3p in quiet trading and dealers said the recent sale of property for £3.5 million to Dunloe House was seen as a decent boost to the company's cash balance.

The other movers on the day were Anglo Irish Bank, up from 128p to 134p, Ardagh up from 115p to 120p, CRH closing up 27p at 817p and Arnotts up from 480p to 510p on the back of a busy Christmas shopping period.

The Irish bond market lurched lower, tracking German bonds in similarly meagre volumes, losing some of the gains the Irish paper made when stock markets fell just before Christmas.

The exchange has a half day today and dealers do not expect much activity until next week.