Market records modest gain

THE ISEQ index recorded a modest gain of 5.77 points to 2,925.95 yesterday.

Irish 10-year bond yields have touched the highest level since before the euro’s creation in 1999.

Portuguese and Greek 10-year bonds also deteriorated after a cut in Greece’s credit rating encouraged bets that Europe’s debt crisis may escalate. German Chancellor Angela Merkel refused a plea by Ireland to cut the cost of its EU bailout two days ago, ahead of meetings by European leaders this month to find a long-term solution to the region’s debt crisis.