Iseq recovers after yesterday's sell-offs

The Iseq index of Irish shares was up 83.44 points to 5189.81 today, after yesterday saw an estimated €2bn wiped off the underlying value of Irish shares.

Construction firm Grafton reported 'good growth' in earnings for Q1 2004.

The firm said it intends to continue its successful strategy of building on its strong market positions and brands in the UK and Ireland.

Shares in the company remained at €6.05.

The Irish Financial Services Regulatory Authority (IFSRA) announced that there would be an independent inquiry into the allegations that AIB bank had overcharged customers on certain fees. AIB shares closed at €12.23, up 15c, on the news.

The Bank of Ireland has appointed Sir Michael Hodgkinson, Chairman, Post Office Ltd to its Court of Directors.

Shares in the company were up 19c today to close at €10.06.

Following Qantas’ and British Airways' decision to levy a fuel surcharge, Irish low fares operator Ryanair has vowed not to increase its fares this year or levy a fuel charge.

Ryanair shares closed up 14c to €4.55 at close of business today.