Market loses early momentum

THE Irish market jumped to a more than 5% gain during yesterday’s session as the US Treasury unveiled further measures to prop up the ailing US banking sector.

The ISEQ index reacted positively initially but ran out of steam as the afternoon wore on, finishing up 80.43 at 3,022.90.

In keeping with the recent trend, the bank stocks had a mixed day. AIB and Anglo-Irish were the chief market laggards shedding 24c and 17c to €3.20 and €2.12. Bank of Ireland and Irish Life and Permanent both made solid moves adding 20c and 35c to €2.35 and €4.