Market rises on negative reports

THE ISEQ index closed up 9.25 points at 2,755.14yesterday.

Pessimistic comments from a senior German official and new figures exposing growing stress among Europe’s banks took the shine off financial market hopes of a turning point in the eurozone debt crisis at a summit this week. The euro fell around half a cent to $1.3377 in response, relinquishing earlier gains and hitting a session low.

In the financial sector, Bank of Ireland added 0.2c to 9.3c. AIB moved up 0.6c to 7.2c. Irish Life & Permanent was unchanged at 2.7c, while insurance group FBD Holdings strengthened 12c to €6.62.