Iseq up in line with global markets

The Iseq index rebounded yesterday to close up 88.88 points at 3,237.51 in line with European and world markets.

Major banks and pension funds, representing about 40% of Greece’s outstanding debt, threw their weight behind Athens’ bond swap offer to private creditors, raising the likelihood that the deal will go through and a €130bn international bailout package would be secured. Both the European Central Bank and the Bank of England left interest rates unchanged.

In the financial sector, Bank of Ireland gained 0.5c to 13.4c. AIB added 0.5c to 11.5c. Irish Life & Permanent tacked on 0.1c to 4.8c, while insurance group FBD rose 1c to 8.51.

In the construction sector, CRH advanced 55.5c to €15.645. Grafton progressed 12c to €3.27, while Kingspan was 17c better at €8.27.

Elsewhere, Irish Continental Group reported full year 2011 results, with revenues of €273.3m, up 4% year-on-year, operating profit of €28.9m, down 8% and adjusted EPS of 109c, down 9%. Shares in the company closed up 24.5c at €15.45.