ISEQ sees stock rise by more than 100 points

The financial sector saw its shares bloom today to see the ISEQ soar 108.37 points today.

The Dublin stock exchange stood at 7,790.73 by the end of the day.

AIB climbed the furthest in the sector with a 48c increase to €18.48. The bank said this morning that it is targeting a 25% rise in loans by the end of the year. This is a higher figure than previously predicted earlier this year. The bank said it also expected profits to increase in all its divisions this year.

Following the positive trend, Irish Life and Permanent posted a 25c increase in its share price to stand at €19.95. However, Bank of Ireland recovered from thsi morning's fall to end up 27c higher at €14.37. Anglo Irish Bank had a mere 1c rise to €12.71.

But the biggest climber of the day was Elan, the pharmaceutical giant enjoying a massive 98c increase to €13.28.

The food sector had a negative day with Glanbia announcing a downturn in its milk processing activities at the firm’s annual general meeting in Kilkenny today. Chairman Michael Walsh warned that the half-year results will be hit by a reduced performance from Irish Food Ingredients, the company’s milk processing business in Ireland. However, he said the company expects to meet market guidance for the full year. Shares in the company were down two cents to €2.49.

Rival Kerry Group saw its stock fall 13c to €19.87 and IAWS fell 10c to €14.75, whereas Donegal Creameries floated upwards by 14c to €4.34.

Elsewhere, insurance group FBD Holdongs had a 20c increase to stand at €37.30, while business support firm DCC had a more modest 11c rise to €19.31.

Low-cost airline Ryanair went up 13c to €6.75 as did construction firm McInerney this time to €12.65.