Stock markets in London and Dublin re-opened today as European shares continued to rally.
So far the FTSE in London has had its best December for share price gains since 1987.
And despite the crisis in the banks, the Dublin ISEQ index has had its best December performance since 1983.
European share prices are rallying as investors get the scent of a global economic recovery, which is being aided by low interest rates.
Although the ISEQ is down overall so far on the year, shares in many Irish companies have been rallying of recent weeks, including Paddy Power, Kerry and DCC.
December saw Irish share prices gain about 9%. That compares to an average December gain of 2.5% in recent decades.
The dark cloud has been the banks with AIB set to be removed from the ISEQ's main listing before the end of January as it becomes majority state owned.
London shares soar in Santa rally
The London FTSE 100 index is on track to record one of the best December performances in its history thanks to a pre-Christmas Santa rally boost.
The blue chip index soared by 8.7% to 6008.9 in the first 24 days of December - beating its best ever December rise of 8.4% in 1987. But the London index slipped into the red today, marginally reducing gains seen so far this month.
Recent blue chip advances have helped the top tier reach levels not seen since before the financial crisis struck in the summer of 2008.
The FTSE has so far added around 11% since the start of the year as the global economic recovery has helped stabilise market conditions.
The stellar December performance also came despite numerous setbacks including the euro zone debt crisis and heavy snowfall, which caused travel chaos and disrupted Christmas shopping.
December's rise is all the more remarkable because it followed a 15% rise in the market between the start of July and the end of November, said stock market historian David Schwartz.
'In 1987, the December rally occurred after shares did very poorly in October and November, so it was a bounce-back rally,' he said. 'But this year is a continuation of a strong rally earlier in the year,' he added.
Santa rallies have caused the FTSE 100 to rise in December in all but five of the 27 years since the index was formed.
Mr Schwartz said it was not clear why the festive season had become such a strong time traditionally for stock markets, although thin trading volumes are thought to create unusual volatility.
This year's December performance was particularly strong because investors' confidence in the stock market is steadily growing, added Mr Schwartz. He put the strong growth of the FTSE 100 down to quantitative easing in the US, which is driving stock markets around the world.
