DUBLIN REPORT:IT WAS the rarest of things in Dublin yesterday, a good day's trading which saw the Iseq index close up more than 2 per cent. The financials as a group were up almost 4 per cent.

But as seasoned investors know, a single swallow does not make a summer.

"Everything was stronger but the light volumes suggest there was no follow through," said one trader. "If there is a bad day in the US this week, the Irish banks could be whacked again."

Market insiders agreed the Irish market had benefited from a general uptake in European markets that favoured the financials. With Dublin's bias towards the financials, it outperformed its peers but volumes were light.

On Friday afternoon the US market bounced on speculation that "monoline" bond insurers would get a bailout from the federal government. Traders here expressed concern that if that package doesn't transpire, sentiment could rapidly turn against the Iseq.

Anglo Irish Bankwas the best performing of the financials, up almost 50 cent to €9.20, while AIBwas up 57 cent to €14.29.

Kerry Group'sshare price benefited from market rumour in advance of its annual results announcement this morning. Speculation that it might confirm the acquisition of Breeo from Dairygold, as well as embark on a cost-cutting drive, saw it gain 94 cent to €20.35.

Weekend reports that pharmaceutical group Elanplanned to spin out its drug delivery business had little impact on the stock.

Both building group CRHand drinks firm C&Csaid yesterday they had been back in the market on Friday as part of their ongoing share repurchase programmes.

C&C closed up 5 cent, while CRH closed flat after light trading of the stock.

Iseq: 6,535.17 (+134.65) Settlement date: February 28