Market Report: The Irish stock market gained nearly 1.4 per cent yesterday, helped by good results from Bank of Ireland, Elan and Viridian.

Settlement Day: May 18th

"Three Irish companies reported and they all had decent quality results," one trader said.

Bank of Ireland added 15 cents, or 1.5 per cent, to €10.15 after releasing full-year results in line with market expectations.

AIB was also up 16 cents, or 1.4 per cent, to €12.08 although Anglo Irish Bank struggled, losing five cents to €12.60.

Despite Bank of Ireland's good results, dealers said Irish financial stocks were struggling to break out of the range in which they have been stuck for some time.

Despite gaining 26 cents, or 1.5 per cent, to €17.60, CRH also remains stuck in its recent range.

Elan, however, managed to advance by 5 per cent in Dublin to €17.50 after releasing first quarter results ahead of market expectations.

In its main market, New York, the stock gave up 1 per cent of its value, however.

"The results were excellent but it's not about what they are currently selling, it's about what they are going to sell and there was nothing new on that today," one trader said.

Viridian shares were unchanged in Dublin at €8.10 but gained more than 3 per cent in London to 566.5 pence sterling after the company reported an 8 per cent increase in full-year pre-tax profits.

More than five million Eircom shares changed hands although the price was unchanged at €1.45. Kingspan, which along with Eircom has benefited from its proposed inclusion in the MSCI Standard Index, lost two cents to €4.50.

Other movers included Ryanair, up 17 cents to €4.60, Galen, which added 30 cents to €11.50 in Dublin in the wake of recent results and Glanbia, off seven cents to €2.35.