Markets surge on Moody’s data

NEWS that ratings agencies Moody’s and Standard & Poor have not changed their ratings of the Government debt in light of Thursday’s Eurostat figures helped the Irish market surge yesterday. The ISEQ index jumped 87.39c to 3,452.33.

Banks had a mixed day and did not manage to reflect the bullishness of the market. Bank of Ireland slipped 1c to €1.80 as speculation continues that the company is on the cusp of a substantial capital issuance. AIB and Irish Life and Permanent followed suit, tacking on 0.2c and 2c to finish at €1.50 and €3.12.

The construction sector had a strong day with market bellwether CRH surging 130c to €21.50. Grafton Group and Kingspan followed suit increasing 5.3c and 22c to €3.50 and €7.17.