European markets in positive mood

European markets opened the week in positive territory yesterday as the ECB published the details of its holding of government bonds under the now defunct securities markets programme.

Given the move in bond prices, the ECB is clearly sitting on a tidy gain. US markets were also ahead in early trading in the US. The Iseq index followed the trend seen on both sides of the Atlantic by adding 14.3 to 3,708.77.

Irish financials had a positive day overall with AIB and Permanent TSB gaining. The catalyst was the announcement by Finance Minister Michael Noonan, at a Bloomberg event in London, that he understands that European bank stress tests are “moving towards the springtime of next year” from earlier expectations of a third-quarter timeline. Both stocks were 0.1c ahead, closing at 6.5c and 3.3c. Bank of Ireland was flat at 13.7c.