Market static after Dubai deal

THE ISEQ index gained 2.96 points yesterday to close at 2,929.22 as financial stocks rallied globally on a bailout for Dubai.

The development is seen as positive for international lenders, and brought a rally in European bank shares during morning trading.

In the financial sector, AIB shed 4.5c to €1.26, Bank of Ireland added 0.5c to €1.43, Irish Life & Permanent slipped 2c to €3.23, while insurance group FBD fell 25c to €6.60. In its November interim management statement, it said the recent floods will cost it up to €9m.

In the construction sector, reports in Washington suggest an extension of the Federal Highway Programme which expired in September, is very likely to be linked to a jobs bill in the US in early 2010. Shares in CRH progressed 13c to €18.50. Kingspan decreased 20c to €6, while Grafton Group closed at €2.84, a loss of 2c.


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