Strong results push ISEQ recovery

The Irish Stock Exchange rallied from some poor morning of trading to climb to 8222.73 points by 11:46am today, a rise of 27.14 points from close of business yesterday.

Following the publication of strong interim results, Irish Life & Permanent shot up 57c to €18.13. The financials were unremarkable by contrast, with Bank of Ireland up 18c to €13.10, Allied Irish Bank unchanged at €18.59, and Anglo Irish Bank falling 5c to €13.75.

The construction sector recovered well, with Abbey (up 24c to €9.30) leading the way, just ahead of CRH (up 21c to €31.06). Grafton (up 13c to €9.50) and Kingspan (up 10c to €17.25) are also performing well.

There was good sentiment in the food and drink sector, with both Glanbia (who also reported positive results) and Greencore both rising 10c to €3.99 and €4.70 respectively.

FBD recent downturn continued – a drop of 85c to €26.90 made it the worst performer of the day so far.

Elksewhere, Elan shed 36c to €13.54, and Irish Continental Group jumped 50c to €25.