Market Report: Ireland's benchmark index edged up for a second day, led by Bank of Ireland and drinks distributor C&C, after analysts upgraded the stocks.

The Iseq closed up 35.29 points, or 0.5 per cent, to 7,641.15 after rising to as high as 7,672.58 during earlier trading.

Bank of Ireland shares jumped 67 cent, or 5 per cent, to €14.15, erasing the previous day's decline when the stock was pushed down by an end-of-day technical deal.

Shares of the financial services group recovered after analysts at Lehman Brothers and Deutsche Bank, among other brokerages, upgraded their outlooks for the stock.

Lehman increased its price target to €15.17 from an earlier target of €13.80 after Bank of Ireland reported on Wednesday that underlying earnings climbed 16 per cent last year and that it was confident of another strong performance in 2006.

Shares of rival Allied Irish Banks rose 11 cent, or 0.6 per cent, to €18.80.

C&C, which sells Bulmers cider in Ireland and Magners in the UK, extended gains from Wednesday's session when the stock benefited from an AC Nielsen report that showed the volume of cider sold in British pubs rose 8.3 per cent in the 12 months to March. The stock climbed 15 cent, or 2.2 per cent, to €6.85.

One trader said yesterday that investors remained positive about the company after an upgrade from Credit Suisse First Boston on the back of optimism about Magners' performance in the UK.

CSFB raised its per-share estimates for the company by 6 per cent for fiscal 2006 and by 7 per cent for 2008.

Stocks going the other way yesterday included Ryanair, which fell 3 cent, or 0.5 per cent, to €6.64 ahead of next week's full-year earnings report. While the consensus among analysts is that the airline will post a 6.9 per cent gain in profit, some are concerned the rising cost of jet fuel, due to higher oil prices, may have dented annual revenue.