The Iseq index recovered today from yesterday's fall of €506 million with an increase by 3.40pm of 350.16 points to bring the exchange to a total of 8,605.99.
Today's recovery happened on foot of positive results from Ryanair (up 10.83 per cent on yesterday) which saw a better-than-expected 20 per cent rise in first-quarter net profit today.
The carrier said profit after tax in the three months to the end of June rose to €138.9 million from €115.7 million in the same period of 2006 after passenger volumes on its growing network rose 18 per cent.
Allied Irish Banks was up 6.08 per cent, and Elan was up 11.95 per cent on the previous day's trading.
The index of Irish shares closed yesterday down 1.2 per cent on foot of the previous week's loss of €8.6 billion.
It was reported that holders of contracts for difference (CFDs), products that enable investors to borrow large sums of money to invest in the market in the hope it will go up, have been hit in particular.
Stockbrokers are asking them to pay back their debts, meaning that investors are losing substantial amounts of money.
Elsewhere, the FTSE share index rose more than 1 per cent, boosted by a jump in GlaxoSmithKline and after an overnight rebound on Wall Street helped to arrest a two-week long decline.
GlaxoSmithKline rallied 3.6 per cent after an advisory panel said diabetes drug Avandia should stay on the US market even though data suggest it may increase the risk of heart attack for some patients.
Earlier this morning, the FTSE 100 index was up 1.3 per cent, or 83.3 points, at 6,289.4 having lost around 5.6 per cent in the previous week.