Market shakes off rate rise fears

THE ISEQ Index performed strongly, closing up 119.95 at 7,646.81 despite fears that the European Central Bank will announce an interest rate rise today. The banking and construction stocks were the primary drivers yesterday.

AIB jumped 72c to €19.94. Rival Bank of Ireland rose 30c, finishing up at €14.26. Anglo Irish and Irish Life and Permanent were 31c and 35c stronger at €11.70 and €18.50 respectively.

Construction giant CRH was 58c higher at €25.78. Grafton Group added 28c to €10.55. Kingspan Group firmed 26c and was €13.35 at the closing bell.

Other positive movers included C&C who added 29c to €8.40. Iaws Group moved 50c ahead to €14.90. South Wharf dropped 20c in share price despite the AGM announcement that they could reap up to €233m from the sale in a 30-acre Dublin site. Elan drifted back a further 24c to €11.45.