Market benefits from US ‘cliff’ deal

World markets began the new-year in bullish territory as the US Senate and House of Representatives passed a last gasp bipartisan deal to avoid the so called “fiscal cliff”.

This deal ensures broad tax hikes and heavy spending cuts will now be avoided and saved the US economy from potentially slipping back into recession. The Iseq index followed its global peers by moving higher, gaining 59.53 points to finish at 3,456.20.

Irish publicly quoted bank stocks benefited from what transpired stateside and the general bonhomie seen across world bourses. Bank of Ireland moved on 0.5c to finish at 11.9c. Permanent TSB Group added 0.2c or ca. 9% to end the first session of the year at 2.2c. AIB remained flat at 5c.