DUBLIIN MARKET: The Irish stock market moved ahead yesterday despite a weaker performance overseas, lifted by a strong showing from the banks and a handful of secondline stocks.

Dealers said positive broker comment from Morgan Stanley about the Irish banks helped boost the sector which, in turn, contributed to the 41-point rise in the ISEQ index of Irish shares.

AIB shares added 20 cent, or 1.3 per cent, to €15.67 while Bank of Ireland shares were up by 18 cent, or 1.5 per cent, to €12.51. Anglo Irish Bank gained 35 cent, or 1.9 per cent, to €19.30 while Irish Life & Permanent closed 20 cent, or 1.4 per cent, higher at €14.10.

It also proved a good day for Eircom shares which gained nine cent, or 4.6 per cent, to €2.05 as 18 million shares changed hands in Dublin, while nine million were traded in London.

Dealers said the telecoms stock was attracting good investor interest as the company embarked on a roadshow in the wake of its recent third-quarter results.

Another stock to log good gains yesterday was DCC, which closed 50 cent, or 2.8 per cent, higher at €18.50 although dealers said the bulk of activity in the stock was at the lower level of €18.14 over the course of the day.

Its High Court adversary, Fyffes, was also active with seven million shares trading as the stock closed at €2.00, down a cent on the day.

Other movers included Kingspan, which gained 15 cent, or 1.9 per cent, to €7.95 and Independent News & Media, which finished three cent higher at €2.33. In the food sector, Glanbia closed six cent, or 2 per cent, higher at €3.00 as its joint venture partner, PZ Cussons, said its milk factory in Nigeria was nearly complete.

But not all stocks had a good day. Elan fell victim to further profit-taking, dealers said, closing 40 cent, or 1.9 per cent, lower at €21.15 in Dublin.

Ryanair also had a down day, shedding 16 cent, or 2.4 per cent, of its value to €6.50 while United Drug lost six cent to €3.58.Dublin ReportSettlement Day: February 14th