Market revives on US Fed move

THE Iseq Index got off to another shaky start yesterday as continuing credit market worries kept investors on edge.

However, shares received a boost as the US Federal Reserve announced it was cutting the discount rate available to banks by 50 basis points. At the closing bell the Dublin Exchange had recovered by 49.49 to 8,106.47.

Financial stocks benefited the most from the news. AIB and Bank of Ireland gained 65c and 15c to €18.65 and €13.09. Anglo-Irish was 35c higher at €13.80 and Irish Life & Permanent was ahead 33c to €17.65.