AIB was the star of the first trading day of 2001, bounding ahead from an oversold 2000 close to rise 72 cents on €13.07. AIB was the main contributor to a 2.6 per cent jump in the financial index. It was enough to help boost the overall index by 22.35 but many front-line industrials were lower.

Elsewhere among the financials, Bank of Ireland gained 10 cents to €10.65 in volume of almost two million shares while Anglo Irish drifted four cents lower to €3.10. Industrials were mixed with CRH down a couple of cents on €19.80 after its big gains on Friday. Eircom remained weak and lost a further 10 cents to €2.60. Ryanair remained a market favourite and added nine cents to €11.59.

Despite confirmation that the McCann's bought a further two million shares on Friday at €1.00 each, Fyffes shares drifted lower and lost six cents to 94 cents. Golden Vale was not boosted by confirmation that Dermot Desmond had increased his stake to 11.6 per cent and lost two cents to 94 cents.

Independent, which had a difficult final couple of months in 2000, started 2001 on a bright note and jumped 17 cents to €3.07, Smurfit was unchanged on €2.10 while Marlborough fell 15 cents to €1.25 - almost its lowest level since its 1997 flotation.

Technology shares were savaged as a result of the early sell-off on Nasdaq with Iona down 18 per cent by midday on $54.87. Iona has tended to rebound from selling once it falls below $60, so investors will be hoping for better things today. Trintech fell 10 per cent on the Neuer Markt to €11.00 while Baltimore was almost 8 per cent lower on 319p sterling.