Market climbs on US bailout plan

THE announcement by the US Treasury Dept over the weekend that it would be stepping in to bail out US mortgage kingpins Fannie Mae and Freddie Mac proved to be a catalyst as markets around the globe bounced back.

The ISEQ index soared 286.727 to close at 4,569.047.

The financials were the main movers as AIB and Bank of Ireland saw double-digit percentage gains. AIB gained 91c to €8.80, while Bank of Ireland followed suit adding 59c to €5.87. Anglo-Irish and Irish Life and Permanent also climbed 56c and 82c to €5.80 and €7.28.

Construction giant CRH, which has a large exposure to the US economy, was significantly boosted by the news from the US with the share price gaining €1.68 to €18.89. Kingspan and Grafton Group adding 41.5c and 20c to €8.20 and €3.70.