The Iseq index of Irish shares closed up 2.6 per cent this evening in line with global markets which surged ahead as anticipation that some form of resolution in Egypt is imminent.
A better than expected ISM manufacturing index from the US also served to lift sentiment, with the Iseq closing at 2927.61.
In Dublin, most of the main names on the index made gains. DCC saw strong investor interest ahead of its interim management statement tomorrow morning. Its share price climbed a hefty 6 per cent to close at €22.90.
Food stocks were among the best performers. There were a number of buyers around for Glanbia which closed up 3 per cent at €4.07.
Greencore added 4.4 per cent to finish at €1.15, following indications from the company at its AGM yesterday that a deal with Northern Foods is still a possibility.
Kerry Group advanced 3.7 per cent to €24.55 following positive updates from peer company Cranswick this morning. Analysts also pointed out that the stock had been trading lower of late on the back of concern about rising input costs.
Aryzta, which last week announced consolidation of its Irish operations, also advanced, adding 2.7 per cent to €32.60.
Elsewhere, Ryanair was one of the most traded stocks, adding 2 per cent to €3.70, after raising its full year guidance yesterday, despite announcing third quarter losses.
However, the continuing dispute between Aer Lingus and cabin crew weighed on Aer Lingus' shareprice. The airline was one of the few names to lose ground yesterday, closing 1 per cent lower at €1.02.
Pharmaceutical company Elan also closed down 2 per cent at €4.87, despite Biogen reporting fourth-quarter results that topped expectations, as sales of Tysabri, which it sells in partnership with Elan, increased.