The Dublin market moved into more positive territory with the overall value of Irish shares rising well.

Telecom Eireann was again the focus for most investors although its share price failed to make any progress on the day despite the firmer tone. Telecom shares closed unchanged at €4.70 (£3.70) having traded as low as €4.67 at one point and testing highs of €4.72.

Dealing volumes are expected to rise sharply over the next week as private investors begin to sell their shares and depending on the volumes could trigger a slight fall from the €4.70 levels, according to analysts.

Having been reassured by an upsurge on Wall Street overnight, all of the European markets moved ahead yesterday. Shares in Dublin mainly managed to recoup earlier losses prompted by weakness on Wall Street on concerns about Argentina's financial health.

AIB closed down 5 cents at €13.25 having traded as high as €13.30 in the afternoon. Bank of Ireland ended the day slightly higher at €17.50, up 5 cents. Other financials were also stronger, with Anglo Irish Bank gaining one cent to €2.54, First Active 2 cents better at €3.35, and Irish Life & Permanent 10 cents higher to close at €11.20.

Smurfit also faired better, adding one cent to rise to €2.60. And CRH made further progress, going 20 cents higher to €19.32. Elan also continued to make gains of close to two cents to €31.20.