Iseq gains as British markets fall

The Iseq index gained 41.3 points yesterday to close at 3,321.24.

Markets in Britain fell after Fitch Ratings revised down its outlook on Britain’s AAA rating to negative, warning the nation faced a greater than 1-in-2 chance of losing its top-notch status in the next couple of years if the government eases back on its debt-cutting measures.

In the financial sector, Bank of Ireland added 0.4c to 13.5c. AIB dipped 0.5c to 10.7c. Irish Life & Permanent gained 0.2c to 4.7c, while insurance group FBD increased 15c to €9.15.

In the construction sector, the US Senate passed the Highway Spending Programme Bill, 72 votes to 22. Focus now shifts to the House. CRH advanced 31c to €16.68. Grafton declined 5c to €3.28, while Kingspan dropped 1.8c to €8.099.

In other news, Providence Resources gained a further 14% or 71c in Dublin after the company said oil flow rates at its Barryroe well, off the Irish coast, far exceeded expectations. The shares closed at €5.76.


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