Banks lead market recovery

The ISEQ index rebounded after its recent slump as investors shopped for bargains and closed up 149.34 points to 7510.71.

AIB charged ahead 80c to €18.30, while Bank of Ireland advanced 23c to €14.05. Irish Life & Permanent added 35c to €18.75 with Anglo-Irish jumping 23c to €12.08.

In construction, CRH was among the leading risers up 75c to €26.15. Grafton Group added 35c to €10 following figures released showing that housing transactions in Britain reached 121,000 in April against 109,000 last year.

Elsewhere, Eircom added 5c after Babcock and Brown announced it has made a joint offer with ESOT for the company of €2.20 per share plus a final dividend of 5.2c per share.

Elan lost 20c to €13.75, Kerry Group rose 35c to €17.25, while C&C shed 16c to €6.20.