AFTER weakening steadily throughout the week, the Irish market finally responded to the big gains in London and on Wall Street, closing up just over 0.5 per cent on the day. Dealers believe that while many investors will be holding fire until the British budget, the extent of the rise in the FTSE may trigger more buying when the Irish market reopens on Monday.

All of the leaders regained lost ground. Among the financials, Bank of Ireland was 6p higher on 502p, while AIB gained 4p to 390p. Industrials were also stronger and CRH seems to have put an end to its recent bout of weakness, closing up 2p on 604p. Smurfit was 2p firmer on 165p while Kerry, an illiquid share which has traded in uncharacteristic size all week, was 2 1/2p higher on 677 1/2p.

Outside the leaders, there was little volume but Independent dealt busily between 295p and 300p before closing unchanged on 300p. Woodchester was 2p firmer on 210p, Irish Life was marginally weaker on 260p while Irish Permanent was unchanged on 477p.

Gilts were marginally firmer all along the yield curve, with the market taking little notice of events on overseas markets.

Five year gilts closed 12p higher to produce a yield of 5.95 per cent, 10s closed 17p higher on a yield of 6.6 per cent while long dated gilts closed 15p higher on a yield of 6.91 per cent.

Money market rates were unchanged, with one month money fetching 5 5/8 per cent.