Financial shares move upward

IRISH banking stocks reacted predictably well to the draft legislation for NAMA — the state’s so-called ‘bad bank’ project — although prices did weaken towards the end of the day’s trading.

By lunchtime, AIB — which is due to publish first-half results next week — was up by nearly 8%, but weakened later in the day to finish at 1.76, up 2.03% or 4c.

Bank of Ireland performed more strongly, with a 9.23% (17c) gain and a closing price of €2.