Market recovers some losses

THE ISEQ index clawed back some losses yesterday in line with other European bourses as bargain hunters stepped in to snap up some cheaper stocks. The index closed up 64.80 points at 2,558.48 points.

In the financial sector, AIB gained 5c to 93c, Bank of Ireland added 8c to €1.03, while Irish Life & Permanent jumped 25c to €2.45, having been as low as €2.02 at one stage in early trading.

In construction, CRH increased 56c to €17.51, Grafton rose 6c to €2.56, while Kingspan improved 25c to €4.10.

Elsewhere, Paddy Power jumped 73 to €15.99 after announcing it has bought 51% of an Australian bookie firm called Sportsbet for up to €€32.8m in cash and shares. C&C added 5c to €2, Ryanair progressed 9c to €3.26, while Glanbia moved up 2c to €2.12.