Market jumps after China move

THE ISEQ index jumped 125.33 points yesterday to close at 2,749.05.

Markets fell in the morning after ratings agency Standard and Poor’s reduced its credit ratings on 15 big banking companies, mostly in the Europe and the US. Markets rallied in the afternoon after a surprise move by China’s central bank to cut the reserve requirement ratio for its commercial lenders, in an effort to boost the economy.

In the financial sector, Bank of Ireland added 0.6c to 9.3c. AIB gained 0.5c to 6.5c. Irish Life & Permanent dipped 0.2c to 3.2c, while insurance group FBD Holdings advanced 10c to €6.55.