The Greek parliament's approval of a new austerity plan, paving the way for a second bailout, provided an afternoon boost to equity markets across Europe, with the FTSE 100 closing up 1.5 per cent and the Iseq rising 1 per cent in its wake.
The Dublin market was propelled by a 3.8 per cent increase in the share price of building materials group CRH, the largest stock on the index, which closed at €14.83.
The gain reflects sentiment towards construction stocks exposed to the US housing market, which is showing some evidence of price stabilisation, though new house building remains at low levels.
After a buoyant start to the week, cider manufacturer C&C fell 2.6 per cent to €3.53 as it held its agm and updated the market on its recent trading patterns. Though the group reaffirmed its guidance on forecasted earnings for its full fiscal year and indicated strong growth in Magners, it confirmed that poor weather in June contributed to relatively weak trading during the month compared to last year, when cider sales benefited from the World Cup.
Elsewhere, Paddy Power climbed 1 per cent to €36.87, on a day when its peer in the bookmaking sector, Betfair, published a set of full-year results described by analysts as solid - core Betfair revenues increased almost 8 per cent in the year to the end of April, while recent trading has also been positive.
Food group Greencore was among the days heaviest fallers, declining 3.4 per cent to €1, while Smurfit Kappa attracted reasonable trading volumes, closing up 5 cent at €8.19.
The Greek parliament's actions prompted a jump in oil prices as well as an equities rally, which meant airline stocks didn't join in the party. Having climbed during the day, Ryanair closed at €3.56, flat on the previous day's closing price.
There was minor respite for peripheral euro zone countries on the bond markets, with the yield on 10-year Irish debt ending the day down 13 basis points on Tuesday at 11.71 per cent.
