Stocks close in positive territory

IRISH stocks closed in positive territory last night following what was one of the toughest weeks ever for the Irish economy.

Bank of Ireland shares closed up 3.1% at 26 cent, while AIB was up 14% at 34 cent. Irish Life and Permanent fell 14%, however, to 51 cent.

This news comes as ratings agency Standard & Poor’s downgraded Ireland’s banks yesterday as speculation mounted that an EU-IMF bailout of Ireland could require senior bondholders to help cover the losses.