Market posts modest gains

THE ISEQ posted a modest gain of 0.69 points to 2,939.69. European stocks weakened yesterday as lingering worries about the euro zone debt crisis hurt banks in the peripheral countries, while miners fell on concerns high inflation in China could lead to more tightening.

In the financial sector, Bank Of Ireland plc posted a sharply reduced loss for 2010 but said yesterday it was still far from emerging from Ireland's deep banking and economic crisis. For the 12 months to Dec. 31, 2010, Bank of Ireland reported a net loss of €609 million, compared with a net loss of €1.76 billion a year earlier. The shares closed up 0.3c at 27.9c. AIB was unchanged at 24c. Irish Life & Permanent improved 0.8c to 14.8c, while insurance company FBD Holdings was 7.5c down at 7.325

In the construction sector, CRH declined 16c to 16.21. Grafton Group tacked on 3.4c to 3.445. Kingspan moved on 5c to 6.57, while Abbey Plc was unchanged at 5.20.