French poll ‘relief rally’ aids AIB sale

The “relief rally” by markets on the outcome of the first round of the French presidential elections makes it likely that the Government will get its planned sale of AIB shares away by early summer, a leading analyst has said.

Along with other European stocks and some eurozone debt markets, Irish bank shares and the yields on Irish bonds fell as money poured back into European assets, as investors assessed that far-right, anti-EU candidate Marine Le Pen will not have enough support to win the final round of the French election on May 7.

The Iseq Overall index of Irish shares climbed more than 200 points, or almost 3%. Shares in Bank of Ireland rose to almost 26 cent, and Permanent TSB traded at 245 cent at one stage.