Market ends week on positive note

THE ISEQ ended the trading week on a positive note, to close up 40.87 points at 2,927.38. Markets reacted positively to the news that a new bailout deal has been reached in Europe.

The deal saw Ireland’s cost of debt lowered and repayment period extended, while the Greek deal allayed immediate concerns about the spread of Europe’s debt crisis.

In the financial sector, Irish Life & Permanent shares dropped 0.6c to 4c, after it announced that it will impose losses of up to 80% on four additional junior bonds. The bank is hoping to raise around €1 billion from the exercise. Bank of Ireland slipped 0.1c to 10.1c, AIB advanced 0.4c to 12.4c, while insurance group FBD Holdings was unchanged at €6.95.