Market rallies to forge ahead

THE ISEQ index rallied late yesterday to close up 12.43 at 2,632.55. The market was in the red for the most of the session after ratings agency Standard and Poor‘s downgrade for Ireland’s debt rating.

Pressure is mounting on the Government to give a final figure for the total cost of the bank bailout after the downgrade.

In the financial sector, AIB fell 2.3c to 77.5c. Bank of Ireland added 0.8c to 75.5c. Irish Life and Permanent slipped 4.1c to €1.48, while insurance company FBD Holdings, whose results were ahead of expectations, shed 5.5c to €6.94.