Market regains some lost ground

THE ISEQ index clawed back some of Tuesday’s losses to close up 50.67 at 2,480.79.

Italy became the latest victim of the ratings agencies with Moody’s cutting its rating by three notches from Aa2 to A2. Markets have taken heart from an agreement by European finance ministers to safeguard their banks against the spreading debt crisis and an IMF director said the fund might offer support by buying Spanish and Italian bonds.

In the financial sector, Bank of Ireland gained 0.8c to 8.2c. AIB slipped 0.1c to 3.5c. Irish Life & Permanent dropped 0.2c to 2.c, while insurance group FBD Holdings fell 1c to €6.54.