Market demonstrates recovery mood

Shares on the Irish market rebounded somewhat yesterday after a few lacklustre days in line with many European bourses in the run up to the crucial ECB meeting today.

The Iseq overall share index jumped 17.99 points to 3,173.9.

Banking stocks were mainly flat with Bank of Ireland holding at 8.7c and 5c. Permanent TSB Group Holdings was also unchanged at 2.5c. Elsewhere, insurer FBD Holdings drifted back 4c to €8.96.

In construction, sector heavyweight CRH advanced 21.5c to €14.05. US construction figures released on Tuesday showed the pace of annualised spending was down 0.9% month on month in July driven by a reduction in public spending and remodelling activity. However, output was up strongly year on year.

In other news Ryanair Holdings rose 8.9c to €4.25. Rival EasyJet announced it will provide allocated seating on all flights from November 2012 which could potentially add up to €100m in revenue, assuming maximum uptake.