The Dublin market continued to power ahead with most of the action centring on the financials and some of the smaller stocks. The inclusion of seven stocks in the Morgan Stanley Capital International Europe Index is being seen as significant by the market, at least in the short term.

"It is not exactly a scientific measurement, but it is good for those stocks which are there," said one dealer.

DCC has benefited from its inclusion, putting on 24p to 705p yesterday, while Tullow increased by 11 1/2p to 195p. Clondalkin put on 10p to 790p due to its inclusion, Ryanair was marked up 35p to 560p, with the market also expressing satisfaction with its recent deal to acquire new aircraft.

The financials were strong again, although Bank of Ireland ended up closing down almost 13p on £14.05. AIB lost 5p in thin trading, dropping from 960p to 955p.

"They started very strongly, but a small bit of profit-taking drove them down again the afternoon," noted one dealer.

CRH, due to announce results on Tuesday, was marked up once more, from 882 1/2p to 900p in heavy trading. Hibernian was the subject of busy trading, increasing from 640p to 670p. This is mainly being put down to the merger of General Accident and Commercial Union and speculation about further changes in the insurance industry.

Irish Permanent, also included in the Morgan Stanley index, went from 824p sterling to £10.34 in heavy trading.