Market up despite Portugal crisis

THE ISEQ advanced 33.17 points to close at 2,981.42 yesterday despite continued worries over the debt crisis in Portugal.

The euro rose to its highest in more than a year against the dollar ahead of an expected ECB rate hike, while the yen slid to an 11-month low against the euro and a six-month low against the dollar.

In the financial sector, Irish stress tests and the banking restructuring are helping to restore confidence in the country’s banks, with deposit flow from the two main banks improving significantly, Finance Minister Michael Noonan said yesterday.