ISEQ up almost 5%

The ISEQ index of Irish shares was valued at 2,759.40 at 11am this morning.

This represented an increase of 115.54 points or 4.37%.

All of the major banks reported large increases. AIB was up 12c to €1.20, Bank of Ireland rose 31c to €1.38 after news that chairman Richard Burrows is to step down and Irish Life & Permanent rose 20c to €3.

DCC, which reported profits of almost €138m this morning, was up 70c to €15.20, while others to make gains were Kingspan (25c to €4.85) and Smurfit Kappa (27c to €3.47).

In a morning of little fallers, First Derivative was one of the heaviest sufferers, down 20c to €2.95.