Market Report: The Dublin market got off to a sluggish start yesterday but was boosted by strengthening markets in Europe in the afternoon.

Fortunes were mixed, with Elan and CRH enjoying a good run while food stocks were weaker.

Elan moved ahead in Dublin after a strong outing in the US the previous day, as investors took a more optimistic view of its product pipeline. In Dublin the shares rose from €12.55 to €12.98, up more than 3 per cent. It also continued to trade strongly across the Atlantic.

CRH gained 39 cent to €25.89. It was buoyed by strong fourth quarter figures from its US competitor Vulcan Materials, which was upbeat about its prospects in the current year. It expects construction spending to remain strong and that road construction should benefit from higher federal spending and improving state and local tax receipts, which augurs well for CRH.

Iona Technologies also put in a strong performance, with the stock some 30 cent higher at €2.95 when the market closed. The stock had made gains the previous day in the US, with dealers not sure about the reasons for its sudden rise.

Among the banks, AIB was unchanged at €18.50, while Bank of Ireland gained four cent to €14.16. Anglo Irish Bank added 12 cent to end at €13.11 and Irish Life and Permanent was 15 cent better at €17.70. Figures showing accelerating credit growth in the Irish economy and expectations that the Government will introduce an initiative to encourage a higher take-up of pensions in the Finance Bill, were both positive for the sector.

Ryanair was steadier after losing ground on the back of broker downgrades on Monday. It ended the session down one cent at €7.72, with dealers reporting some support for the stock at this level. Kerry lost five cent to €17.90, IAWS was off 15 cent at €13.10, while Greencore lost 10 cent to end at €3.55. Glanbia closed at €2.52, down three cent.