Market posts moderate gain

THE ISEQ posted a gain of 27.24 points yesterday to close at 2,983.66. It broke through the 3,000 points mark at one stage in morning trading before falling back after news that Ireland had the worst budget deficit in the EU last year.

European shares bounced back to a two-week high after a weak start, with financials gaining the most and UBS jumping on news that money had poured back into its core wealth management arm in the first quarter.

In the financial sector, Bank of Ireland shares added 0.5c to 24.8c. AIB increased 2.5c to 24c. Irish Life & Permanent was 0.6c stronger at 16c, while insurance company FBD Holdings retreated 33.4c to €7.10.