Market opens week on positive note

THE ISEQ index commenced the week with a gain of 24.76 points to 2.906.43.

ECB support should mean Ireland will not have to spend more than the €35 billion set aside to recapitalise its banks and it may also get a cheaper bailout deal next month, an EU source said. ECB plans to give medium-term funding to Irish banks has neutralised the risk that fresh stress tests on the beleaguered lenders would cripple an EU-IMF bailout deal.

In the financial sector, AIB added 0.5c to 19c. Bank of Ireland gave up 0.6c to 25.8c. Irish Life & Permanent was unchanged at 74c, while insurance company FBD Holdings was 11.5c weaker at 7.26.