Market registers marginal gains

THE ISEQ closed up 10.48 points at 2,950.17. Irish bond yields climbed yesterday after ratings agency Moody’s cut the country’s sovereign credit rating this morning to just above junk level.

The Irish 10-year yield had risen 23 basis points (0.23%) to 9.56% by lunchtime, its highest since April 6, while the five-year yield surged by 34 basis points to 9.99%. The country’s credit rating was cut two notches by Moody’s to the agency’s lowest investment grade, with a negative outlook.

In the financial sector, Bank of Ireland shares fell 1.2c at 26.7c. AIB fell back 0.5c to 23.5c. Irish Life & Permanent advanced 2.2c to 17c, while insurance company FBD Holdings made a gain of 11.5c to 7.44.

In the construction sector, CRH gave up 7c to 16.14. Grafton Group was 7.5c stronger at 3.52. Kingspan increased 2.8c to 6.98, while Abbey Plc was unchanged at 5.20.