After the dismal showing of recent weeks, the Irish market finally got a much-needed boost and a broad-based rally across the leading financials and industrials drove the market over 2.25 per cent higher in heavy trading, adding almost €1.5 billion (£1.18 billion) to the market.
Big gains by index heavyweight Eircom ahead of Thursday's half-year results were the main factor behind the gains by the industrials, while financial shares shook off a potential challenge to their deposit base from Northern Rock to forge ahead and recoup some of the losses they have suffered against their British peer group.
There are many who feel that Eircom has been grossly oversold in recent weeks and that the half-year figures will give the share the boost it needs. Certainly, the heavy trading yesterday was in anticipation of good results on Thursday and the shares closed 33 cents higher on €4.30 (£3.39), its best level since the end of August.
The other star of the day was Ryanair which jumped to €9.70 (£7.64) before closing 45 cents higher on €9.60 (£7.56) and was also trading almost $2.50 higher on Nasdaq at nearly $52 as the Irish market closed. CRH was 11 cents firmer on €17.26 (£13.59) while Kerry jumped 15 cents to €11.75 (£9.25).
The two big banks made steady gains, with AIB 28 cents firmer on €12.45 (£9.81) while Bank of Ireland gained 25 cents to €8.52 (£6.71) and continues to benefit from its bumper half-year results.
Elsewhere, James Crean goes from bad to worse falling seven cents to a post-demerger low of 38 cents although Crean's demerged offshoot gained five cents to 45 cents. The £50 million-plus share sale by Dermot Desmond has not impaired Baltimore's fortunes, and the shares traded up £1.65 to £25.05 sterling (€39.38) in London and were trading $3 higher at almost $42 in New York as Dublin closed.
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