European markets were higher yesterday amid renewed hopes of further monetary easing by the ECB ahead of its upcoming meeting in May.

Markets across Europe slumped yesterday following the negative reaction to the announcement of Cyprus’s bailout package.

The Irish market surged ahead yesterday reaching its highest level since September 2008 following the meeting of EU finance ministers where proposals to change Ireland’s bailout terms were discussed.

European markets were in sharp decline as new surveys showed the downturn in the eurozone region’s businesses worsened unexpectedly this month, putting paid to hopes of an early emergence from recession.

Shares in Dublin traded slightly higher overall yesterday having begun the session in negative territory.

Shares in Dublin declined slightly again in line with most other European bourses, despite having shown sharp gains during early trading as a number of key companies reported positive results.

The Iseq Index saw sharp gains following a few days of fairly mixed results across world markets.

Shares in Dublin slipped a fraction, mirroring the rest of the eurozone, as an expected holding of rates by the ECB and Bank of England caused investors to sit back and plan their next move.

Shares on the Irish market drifted slightly overall in contrast to most other European bourses and despite sharp gains in the likes of Grafton Group.

Permanent TSB Group Holdings board member Piotr Skoczylas has written to the Finance Minister, Michael Noonan, threatening to go to the European Court of Justice to overturn any sale of Irish Life to Canada Life.

Markets were mixed worldwide as negotiations to avert the US fiscal cliff continued.

European bourses saw a resurgence yesterday as EU finance ministers finally came to agreement with the IMF on a programme to reduce Greek debt with the next installment of much needed bailout funds a step closer.

Shares in Dublin held firm yesterday despite eurozone finance ministers and the IMF failing to reach agreement on releasing the latest tranche of bailout funds for Greece.

Irish shares traded slightly lower as the ECB announced that it is to leave base interest rates unchanged despite concerns over declining economic growth across the eurozone.

Shares in Dublin continued their positive momentum yesterday as speculation mounted across Europe that Spain is close to requesting a bailout despite advice from German officials to Madrid to hold off.

Shares on the Irish market rebounded somewhat yesterday after a few lacklustre days in line with many European bourses in the run up to the crucial ECB meeting today.

The Iseq index gained slightly on light volumes yesterday as the US celebrated Labor Day. The Irish exchange ended the first session of the week with an increase of 9.8 points to 3,170.59.

The Iseq Index rebounded as world markets reacted positively to comments made by US Federal Reserve chairman Ben Bernanke.

Shares in Dublin were on the decline once again as markets await further news of intervention by the ECB in tackling the eurozone debt crisis.

The Iseq Index had a slight upturn as markets across Europe waited anxiously for the outcome of a crucial ECB meeting.