ISEQ recovers some lost ground

The ISEQ index of Irish shares recovered some ground today, closing up 2.73% after yesterday's sell-off saw a slump of more than 6.5%.

The index however remained below the 3,000-point mark, finishing with a gain of 78.07 to 2,937.12, as world markets were bolstered by news of the US economy officially emerging from recession.

Banking stocks, yesterday's big sufferers amid fears that the NAMA project could face further delays, clawed back some value. AIB added 10c to €1.95, Bank of Ireland climbed 18c to 1.83 after seeing 25% of its value wiped out yesterday, and Irish Life & Permanent lifted 30c to €5.10.

There were also strong gains for other index majors, with Aryzta adding €1.17 to €27.00; Kerry Group gaining 65c to €20.56; CRH up 54c to €17.60; Smurfit Kappa cheering 35c to €5.35; DCC up 32c to €18.00; Grafton Group adding 28c to €3.46; and Tullow Oil up 20c to €13.40.

On the fallers' board, Paddy Power shed 24c to €21.76, Merrion Pharmaceuticals was down 20c to €3.20 and insurer FBD slipped 14c to €6.78.