Market gains on positive US news

European equities reached their highest levels since August 2011 yesterday as market expectations grow that the strengthening US economy will filter through to the more sluggish world economy.

A successful bond sale in Italy provided further proof that the country is beginning to get on the right track. The ISEQ index was up 12.52 points to 3,279.93.

Irish financials were negative as AIB and Bank of Ireland lost 0.3c and 0.1c to close at 11.2c and 13.1c respectively. Irish Life & Permanent shipped 0.3c to 4.5c. FBD was also down 5c to €9. Construction stocks were mixed as CRH gained 15.5c to €16.37, while Kingspan and Grafton Group were laggards. The former lost 8.3c to €8.11 and the latter gave up 4c to €3.33.