KINGSPAN, the building products group that is due to announce a dip in earnings, has bought a US panels group for $111 million (€75m).

The ISEQ index of Irish shares soared this evening, gaining 156 points to close at 4,359.98.

Kingspan today announced it has completed the acquisition of American company Metecno, Inc., a global manufacturer of composite sandwich panels in a deal worth $111m (€75m).