Market makes solid advance

THE market recovered well yesterday, having lost ground last week.

This movement was again in line with most European bourses as markets across the continent saw an improvement. The ISEQ index closed up 24.75 points at 2,780.87.

Banks were marginally stronger as German Central Bank president Axel Webber indicated the ECB would continue to pursue relaxed monetary policies into 2011. Elsewhere, it was announced that a discount of 61% would be applied to the second tranche of Anglo Irish Bank bad loan transfers to NAMA. AIB and Bank of Ireland moved on 1.4c and 1.6c to 82.5c and 77.8c. Irish Life and Permanent added 4.7c to €1.51.