Iseq bucks trend as world stocks rally

Stocks on world markets edged higher on low volumes yesterday, while Spanish bond yields rose to a euro-era high, as scepticism about a €100bn bailout for Spain’s banks scared investors ahead of elections in Greece on Sunday.

Irish shares bucked the trend with the Iseq closing down almost 0.5% at 3,029.36 with Ryanair, Glanbia, Bank of Ireland and CPL all down in trading.

Spanish government bond yields hit their highest since the euro was launched in 1999 on concern over how difficult it may be for Madrid to access debt markets in the longer term and as current holders of Spanish debt fear their claims for repayment will be subordinated to EU claims after the bank bailout.