Market up after ECB cuts rates

Markets across the eurozone experienced mixed fortunes ahead of yesterday’s ECB meeting on interest rates.

After much deliberation, the head of the ECB Margo Draghi announced it was to cut its main interest rate by 25 basis points to a record low of 0.5% amid concerns over the weakening rate of economic recovery across Europe. The Iseq Index closed ahead by 24.5 points to 3890.3 as a result.

In the financial sector banking stocks had varying performances with AIB dipping by 0.1c to 6.5c, Bank of Ireland adding 0.2c to 17c and Permanent TSB unchanged at 3.4c.

Construction stocks were stronger overall with sector leader CRH climbing 5.5c to €16.165. Kingspan gained 5c to €9.20, while Grafton Group climbed 7.8c to €5.328.

Elsewhere, Kerry Group has indicated a robust Q1 performance with overall volumes for continuing business up 2.2%, while pricing was up 1.8%. Shares in the group declined however by 10c to €45.40.