The ISEQ closed 24 points higher at 5,841 after the leading banks recovered ground in the afternoon but Ryanair weakened despite reporting impressive results.
AIB moved back into positive territory this afternoon gaining a cent to 12.80, Bank of Ireland was up 5 cents at 10.30.
CRH moved 29 cents to euro 20.35 but eircom eased back a cent to euro 2.56 ahead of tomorrow's announcement on strike action by eircell workers.
Pharmaceutical company Elan posted an impressive advance of 35 cents to euro 13.60 after reporting a 94 per cent increase in fourth quarter turnover as a result of its takeover of Britain's Warner Chilcott. Brokers ABN AMRO also upgraded the stock to a "buy".
Shares in Ryanair fell 41 cents to euro 11.90 despite announcing better than expected fourth quarter profits. But the market was less impresed by its plans to raise euro 123 million via a secondary offering. At the same time, Mr Michael O'Leary, Ryanair's chief executive, intends to sell up to 3 million of his shares. In total this represents some 3.7 per cent of the company's issued share capital
London shares closed in positive territory, though off intra-day highs, inspired by a Wall Street's encouraging turnaround after a mixed opening.
Finance issues were higher at the close of trade, with Schoders adding 63p at £13.82 and HSBC gaining 20p at £10.63 ahead of the Bank of England's interest rate decision at the end of the week.
Drug company AstraZeneca was also a big FTSE 100 faller, shedding 46p at £30.50 in nervous trade ahead of its impending full year results, due on Thursday.