Markets recover despite turbulence

Markets recovered somewhat across Europe after a turbulent few days and despite a ratings downgrade for Spain.

The Iseq Index closed just 8.9 points or 0.27% down at 3232.1.

Financial stocks were relatively unchanged on the day with both Bank of Ireland and Permanent TSB Group ending as they were on Wednesday, at 9.5c and 2.6c respectively. AIB dipped 0.2c to 5.5c. Meanwhile, insurance company FBD Holdings added 5c to €9.80.

Construction stocks strengthened overall with heavyweight CRH leading the pack, jumping 17c to €14.05. Kingspan added 5c to €8.07, while Grafton Group was also ahead by 5c at €3.50.

Elsewhere, Kenmare Resources issued an IMS which highlighted ongoing weakness in the pricing environment, particularly for the high-end ToO2 (rutile) and zircon markets. Shares fell 3.4c to 45.1c.