ISEQ in positive territory

The ISEQ index of Irish shares was in positive territory this afternoon, up 59.98 points to 7370.51 by 12.45pm.

The financial sector was doing well this morning. Irish Life and Permanent was up 35c to €18.30, AIB gained 30c to 18.45, Bank of Ireland rose 13c to €14.13 while Anglo Irish Bank was up 9c to €11.36.

Tullow Oil was up 32c to €5.00, following the announcement that it was celebrating a potentially “significant” new gas discovery in the North Sea.

Tullow said it had encountered reservoir quality gas bearing sands at its K4 well, which it is exploring in a joint venture with the UK arms of US energy company ConocoPhillips and Gaz de France.

The company said the latest discovery in the southern basin of the North Sea owed much to its technical team, who worked on an under-explored geological area with “potential significant implications” for future exploration.

Elsewhere, low-budget airline Ryanair was down 4c to €7.12.