Market advances on Obama hopes

THE ISEQ index closed up 64.83 points yesterday at 2,451.77 in line with markets across Europe. The Dow Jones rallied after more poor US jobs figures increased the chances that US president Obama‘s stimulus package will pass in to law. US non-farm payrolls in January were slashed the most since 1974 as the recession worsened, sending the unemployment rate to 7.6%.

In the financial sector, AIB ended up 8c at €1.17, Bank of Ireland gained 5c to 67c, Irish Life & Permanent increased 18c to €1.90, while insurance group FBD Holdings added 40c to €8.

In the construction sector, CRH jumped 94c to €18.35, Kingspan put on 6c to €2.63 and Grafton Group declined 10c to €1.70. In other news, Ryanair closed 2c stronger at €3.42, C&C jumped 7c to 87c and Paddy Power finished the week at €11.25, an increase of 73c on the day.