Market ends week on upbeat note

THE ISEQ index finished the week off strongly with a gain of 40.43 points to 3,005.39. Elsewhere, world and European markets were mixed. Brent crude rose close to $103 a barrel as unrest spreading across the Middle East increased fears of a supply disruption in the major oil-producing region.

China underlined investor concern about rising global inflation, fuelled now by rising oil prices, by raising lenders' required reserves by a half of one percent (50 basis points).

In the financial sector, Irish Life and Permanent said in an interim statement, that it expects impairment provisions on bad loans for 2010 to increase by between €80m and €100m more than previously forecast. The shares closed down 3.9c at 90c. Elsewhere, AIB added 0.7c to 28.2c. Bank of Ireland gained 0.5c to 38.4c, while FBD Holdings gave up 15c to 7.50.