Bank stocks hit 2009 highs

THE market finished the week on the crest of a six-day rally as the banks pushed on to new 2009 highs. THE ISEQ index closed up 50.55 points at 2,932.28.

Yesterday was a very positive day for the Irish financials despite news that ratings agency Moody’s has cut Anglo Irish Bank’s senior debt rating and has put four other Irish banks on review for a possible downgrade.

The recent announcement from Bank of Ireland that it was to repurchase its senior debt at a heavily discounted rate and the implications of this move for AIB, have led to a more healthy appetite for risk among investors.