The Iseq held its head above water yesterday, with stellar results from Anglo Irish Bank helping to lift the mood.

Shares in the bank finished 74 cents, or almost 5 per cent stronger at €16.42 as the market welcomed a 45 per cent increase in pre-tax profits.

The performance offered a boost to the other financials, with AIB climbing by three cents to €14.60 and Bank of Ireland gaining five cents to finish at €11.66. Irish Life and Permanent added five cents to end the session at €13.30. Eircom was up by two cents at €1.69 after delivering first-half results in line with expectations and posting its first dividend.

Elan surged ahead in early trade on overnight news of US regulatory approval for multiple sclerosis treatment Tysabri (formerly Antegren). The gains were whittled down as the day progressed however, with the firm's shares closing three cents weaker at €20.87.

The picture was brighter in New York, where Elan was ahead by 53 cents at $27.83 in mid-afternoon trade.

There was good news for Unidare shareholders, after the board unveiled encouraging results and said it would award a dividend. Shares in the firm, which Merrion Stockbrokers views as a "buy", gained 15 cents to finish at €3.00.

CRH fell by 28 cents to €19.02 amid continuing dollar weakness and reports of potential competition problems in Switzerland. Other losers included Greencore, which dropped by five cents to €2.85, having strengthened in the approach to Tuesday's results.

Fellow food groups also lost ground. Kerry fell 20 cents to €17.80, while Glanbia shed five cents to close at €2.80. IAWS finished at €11.00, down 20 cents.

Jurys Doyle was in better shape, as improving sentiment on the hotels sector helped to raise shares by 28 cents to €11.75.

Paddy Power was also solid, gaining 24 cents to finish at €10.95. Ryanair added three cents to end the day at €5.08 amid news of expansion in Italy.