Ryanair and Irish banks are the big stock market winners after putting on billions of euro in value over three successive Mondays when the three pharma firms leading the race to develop a Covid-19 vaccine announced promising results of their advanced trials.
The airline had responded to the crisis by cancelling flights and reducing schedules into Irish airports this winter.
However, Ryanair shares have surged over three successive Mondays to value the company at over €17.3bn.
The airline shares which were trading at under €15.40 each in early November have since climbed to just under €17.40.
Trading volumes in Ryanair surged on Monday, November 9 when Pfizer of the US and BioNTech of Germany was the first of a troika of pharma firms to release their Phase 3 data.
Over the next successive Mondays, Moderna of the US and Britain's AstraZeneca, which is developing an Oxford University vaccine, announced the results of their trials.
AIB and Bank of Ireland, which international investors use as proxies for the Irish economy, have also surged in value.
AIB is now valued at just over €4bn. Its shares which traded in early November at under €1 have since climbed to €1.47.
And Bank of Ireland is today valued at €3bn after its shares soared to €2.84 from €2.10 in early November.
The EU, US, and other populous regions and countries, including India, have pre-ordered millions of doses of the vaccines, and have placed orders from other pharma firms that have yet to report their Phase 3 results, even before major regulators in the US and in Europe have approved the shots.
The vaccines have offered the hope that groups of the population most vulnerable to the disease as well as frontline hospital and care workers could start to receive the shots as early as late December if they are passed as safe by regulators.
That promises to lift the siege facing economies around the world from the health restrictions in the early part of 2021, and hence lifting the share prices on global exchanges.
On Tuesday, the Dow index in the US breached 30,000 points for the first time as investors bet on a swift economic recovery next year.
Electric-car maker Tesla rose 4%, crossing $500bn in market capitalisation as investors lapped up its shares in the run-up to its addition to the S&P 500 index.
“Investors are getting optimistic about the coming six months,” said Mike Zigmont, head of trading and research at Harvest Volatility Management in New York.
“There has been a lot of positive vaccine news recently and with the announcement that the transition of the Biden administration is kicking off, it just makes a lot of uncertainties of the future disappear,” he said.
The S&P value index has gained about 15% so far in November compared with an 11% rise in the S&P 500.