The Irish market reacted enthusiastically to the unexpected good economic figures from the US and the positive comment about future trading from technology bellwether stocks Cisco and Oracle. The biggest gains were notched by financial shares and further gains are likely, bar a sudden reversal on Wall Street.

AIB enjoyed the biggest gains and traded 60 cents higher on €12.50, while Bank of Ireland was 12 cents higher on €10.44. Index heavyweight Elan was 35 cents higher on €49.90 on the home market, while later in New York the stock was up 40 cents by midday on $44.15. CRH - one of the top performing stocks of the past few days - was 22 cents higher on €19.22.

Elsewhere, there was heavy trading in Anglo Irish Bank, which gained 3 cents to €4.25 in volume of almost 2.2 million shares. Heiton gained 13 cents to €2.88 as Boston fund manager Fidelity disclosed that it bought almost 160,000 shares on Tuesday, to take its stake in the building materials group above 10 per cent.

Ryanair jumped 66 cents to €13.31 in response to the overnight gains by the stock on Wall Street. Ryanair shares will split two-for-one tomorrow in a move aimed at boosting marketability and liquidity. The better economic news from the US boosted Smurfit, and the share gained 11 cents to €2.51, its best level this year.

United Drug was in demand after its good full-year results and traded as high as €14.50 before ending 35 cents stronger on €14.15. Power Leisure - helped by the cut in betting tax - was 20 cents higher on €4.00.

Technology stocks were stronger across the board, with Parthus up almost 9 per cent in London. Nasdaq-listed stocks were up between 3 and 8 per cent.