Market gains on global upswing

HUGE rallies played out overnight in the US and Asia as global investors remained optimistic that central banks worldwide would cut interest rates further in an attempt to stave off a global recession.

The ISEQ index followed the trend across Europe yesterday by making significant gains, to close up 159.34 points at 2,679.37.

Financials were among the leading movers on the day as Anglo-Irish and Bank of Ireland moved up 56.6c and 22c to €1.70 and €1.58. Irish Life and Permanent climbed 63c to €2.10 while AIB added 18c to €3.35.