Banks gain from recovery

THE ISEQ Index recovered from recent losses to close 42.45 points higher at 4529.39.

The large banks benefited from this as the financial index rose 135.99 points to 8967.66.

Allied Irish Banks rose 31c to 13.39 and Bank of Ireland gained 9c to 11.71. Anglo Irish Bank fell 4c to 6.61. Both Irish Life and Permanent, and First Active remained unchanged at 14.20 and 4.65 respectively.

Elan Corporation rose 5c higher at 2.35 on the back of news that CEO and chairman, Donal Guiney, is stepping down. In the industrial sector CRH closed 50c higher at 1.99 and McInerney Holdings rose 4c to 2.20.

United Drug fell 20c to 13.80 and Galen Holdings rose 10c to 7.10. Elsewhere, Jurys Doyle Hotels gained 5c to 9.90 and Riverdeep Group rose 5c to 2.45.