Market sees moderate gain

THE ISEQ index gained 21.05 points to close at 2,908.19 yesterday in line with other European and world bourses.

European shares were hit in early trading, as ratings agency Moody’s downgraded Ireland’s credit rating to junk, but markets recovered some lost ground in the later.

Moody’s attributed the downgrade to expectations that Ireland is likely to need further funding from the EU and the IMF at the end of 2013. In the US market, stocks were buoyed by stronger than expected growth in China.