European bourses cautious on eurozone recovery plan

THURSDAY’s wide-reaching agreements aimed at saving the eurozone triggered only modest gains across European markets yesterday.

The Irish element of the EU deal — which included a lowering in the interest rate on our bailout loan and a widening of the repayment deadline — directly resulted in the combined value of Irish shares rising by around €400m yesterday.

The 18 point gain seen on the ISEQ index of Irish shares on Thursday grew to a 41 point — 1.42% — rise yesterday, as investors grew more confident over the future wellbeing of the eurozone.