European markets stage fightback

European bourses saw a resurgence yesterday as EU finance ministers finally came to agreement with the IMF on a programme to reduce Greek debt with the next installment of much needed bailout funds a step closer.

The Iseq Index advanced 6.69 points to 3,257.45 on the news.

Financial stocks were higher overall as hopes increased that a deal could be reached on Ireland’s legacy bank debts following the breakthrough on the Greek situation. Bank of Ireland was up by 0.4c to 10.3c and AIB was ahead by 0.2c to 5.3c. Permanent TSB Group Holdings was unchanged at 2.2c while elsewhere, insurer FBD added 5c to €10.30.

A mixed day in the construction sector saw CRH dipping by 0.5c to €13.77, Kingspan jumped 18.6c to €8.14, with Grafton Group gaining 9c to €3.75.

Elsewhere, drinks company C&C Group closed at €4.09, an increase of 0.3c. Britvic reported financial year 2012 results which showed group revenue down 0.8% to £1.256m from £1.290m. The Irish soft drinks market declined for the year with take-home volume and value down over 2%.