ISEQ smashes 8000

The ISEQ index of Irish shares smashed through the 8,000 barrier today, with a gain of 41.22 points to 8018.22 by the end of day's trading.

All the financial heavyweights contributed to these gains. Irish Life and Permanent saw its share price jump by nearly 4% after news that British insurer Prudential had turned down a bid from rival Aviva. The news sparked hopes of a bidding war and further consolidation in the insurance sector. Irish Life and Permanent had gained 71c to €18.91 by the end of day's trading.

AIB rose 22c to 19.27, Bank of Ireland rose 21c to €15.41 and Anglo Irish Bank rose 19c to €13.49.

Elsewhere low-budget airline Ryanair rose 10c to €7.75. Pharmaceutical company Elan fell 15c to €12.23.