Irish shares have staged a strong recovery with the market closing up over 3.5% this evening.
This is a welcome gain of just under €3.5 billion, after the ISEQ lost €8.6 billion last week as it followed global markets downwards.
Part of the rebound has been prompted by better than expected profits from Ryanair, which reported a 20% rise to €139m for its first quarter.
International stock markets have also recovered some of their losses of recent days with the FTSE100 in London closing up 2.5% today.
Ryanair shares closed up by more than 12% in Dublin, while Elan gained 7.5%. The banks, which have taken a drubbing recently, have jumped by around 5%.
However, C&C closed down 27% after it warned on cider sales due to the persistent bad weather in the UK and Ireland. It had previously warned on cider sales but now says that its half year profit could be 35% lower.
While the move is seen as good news for investors after a miserable summer so far, it also underlines the Irish market's volatility.
One expert said this could be a one-day movement, with attention turning on Wednesday to AIB's financial results and any further signals on the state of the housing sector.
