Market rally follows European trend

SHARES in Dublin continued to rally mirroring trends across Europe and the US as the US Federal Reserve toned down warnings of further interest rate increases. The ISEQ index jumped 122.2 points to 7516.28.

AIB climbed 27c to €18.76 and Bank of Ireland jumped 29c to €13.95. Anglo-Irish gained 55c to €12.20 with Irish Life & Permanent strengthening by 40c to €18.60.

In construction CRH rose 27c to €25.42. Kingspan was 25c stronger, while Grafton Group added 16c to €9.85.

Elsewhere, pharmaceutical company Elan closed up 27c at €13. South Wharf shares soared to €5.50 after the company reached an agreement with Dublin Port to resolve a dispute over its site in the Docklands. Shareholders are to receive 66.4% of the proceeds of its sale. Meanwhile, DCC climbed 35c to €18.80 with C&C adding 9c to €6.79.