Iseq climbs more than 110 points

The Iseq got a huge boost today from financials as the index soared over 110 points by 11am this morning.

The Dublin stock exchange was up 119.53 points to 8,857.31.

Anglo Irish Bank, who saw their stock rise 51c to €14.86 this morning, has reported a 38% increase on pre-tax profits for the year to the end of September, after lending for the year grew by 45% to €50.2bn. The results are ahead of expectations. But the bank were topped by Irish Life and Permanent whose share price climbed 61c to €19.81. The other financial institutions had healthy increases too with AIB up 47c to €21.77 and Bank of Ireland up 20c to €16.55.

The construction sector also joined in with the positive mood as building material group CRH saw their price increase by 40c to €28.75 and Grafton rose 12c to €11.22. House builders Abbey went up 10c to €10.50.

Elsewhere, insurance firm FBD Holdings saw their stock climb 26c to €41.41, while food company Kerry Group had a 23c rise to €18.42. Drinks firm C&C had a 30c increase to €11.80, but shipping group Irish Continental fell 30c to €12.60.

Low-cost airline Ryanair had a six cent rise to €9.64 while rival Aer Lingus fell two cents to €2.70.