Market flat as Commission backs plan

THE ISEQ index posted a modest gain yesterday of 8.09 points to finish the week at 2,875.92.

The European Commission has approved the extension of Ireland’s state guarantee on bank deposits and debt. The Commission said it found the revised scheme, originally approved in October of last year, to be in line with its guidance communication on state aid to overcome the financial crisis.

In the financial sector, it was another relatively flat day. AIB dipped 3c to €1.71, Bank of Ireland shed advanced 2c to €1.69, Irish Life & Permanent added 6c to €3.50, while insurance group FBD Holdings decreased 18c to €6.45.

In the construction sector, CRH gained 1c to €17.27, Kingspan added 7c to €5.59, while Grafton Group added 2c to €3.20.

In other news, Glanbia advanced 7.5c to €2.77, Kerry Group increased 29c to €20.54, C&C Group moved up 4c to €2.52, Paddy Power jumped 42c to €24 while Smurfit Kappa closed up 3c at €5.73.