Market rebounds as concern eases

The ISEQ index rebounded from Wednesday’s losses, climbing 56.50 points to 3195.8 in line with European bourses as the ECB took steps to calm markets amid concern regarding Spain’s increased cost of borrowing.

In the financial sector, Bank of Ireland added 0.2c to 10.8c, AIB slipped 0.3c to 7.1c, while Irish Life & Permanent dropped 0.2c to 2.6c. Insurance group FBD Holdings was 14.7c weaker at 8.65.

Construction stocks were generally higher with sector leader CRH jumping 48c to 15.29. Kingspan gained 20c to 7.575, while Grafton Group saw a rise of 7c to 3.15.

Elsewhere, bookmaker Paddy Power was a leading riser, jumping 51c to 46.16. This, despite news that Racing Victoria in Australia has decided to implement a turnover-based product fee on racing from a gross revenue fee currently. Meanwhile, Smurfit Kappa was also ahead, advancing 28.3c to 6.541 on the day.

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