Hunt for bargains sees market rally

THE ISEQ rebounded 41.10 points to end the week at 2967.55. Investors sought out bargains after weak performances by many top stocks on Thursday.

Gains in heavyweight banks lifted European stocks on a report that lenders could evade part of the Basel III capital requirements. Over in the US, Wall Street opened higher as the dollar fell, giving a boost to commodities, while data showed personal income rose in April.

In the financial sector, AIB has bought the EBS Building Society for just €1. The deal has been agreed to implement a merger originally announced in March. The Minister for Finance Michael Noonan says the deal will now go through on July 1. The shares closed down 0.1c at 18.5c. Bank of Ireland gained 0.6c to 18.5c, while Irish Life & Permanent improved 1.2c to 11.1c.

In the construction sector, CRH increased 20c to 15.05. Grafton Group added 4c to 3.46, while Kingspan was 13c stronger at 7.15.