Solid demand drove the Irish market ahead to a new intraday high of 5,970.69 finally closing at 5,931.52. A big gain by index heavyweight Elan was largely responsible for the jump in the index. Confirmation that Elan has been elevated to the MSCI Paneuro Index was the main reason for increased demand for the pharmaceutical group.

Elan was up 90 cents in Dublin on €60.40, but as usual most of the trading in the stock was in New York where over 1.1 million shares had traded by midday as the share jumped more than 3 per cent to $50.50. MSCI also adjusted its various country indices and in Ireland's case, Elan and Iona were added, while Fyffes, Irish Continental and Tullow were ejected.

That was reflected in the Fyffes and ICG performances, where both shares fell sharply - Fyffes was down to a low of 80 cents before closing down three cents on 83 cents in volume of 1.9 million shares. Irish Continental was down 60 cents on €5.50 while Tullow was down two cents on €1.06. Tullow's removal from the MSCI Ireland index is thought to be due to the company's re-registration as a British company-registered company.

Most of the leaders were firmer, with AIB up 10 cents on €13.10 and Bank of Ireland 12 cents firmer on €9.23 after well-received interim results.

CRH rebounded 45 cents to €17.50 while positive broker notes helped Smurfit three cents higher to €2.14 in volume of 2.7 million shares. Eircom was five cents higher on €3.27 while Ryanair recovered from some early weakness to close just four cents easier on €11.16.

Among second-liners, McInerney was six cents firmer on €2.76 - Mr Pat Doherty's Harcourt Developments has become the second-biggest shareholder after recent buying. Kingspan was one of the heaviest traded shares with almost three million shares dealing as the shares lost four cents to €2.85.