THE Irish stock market has reached a notable landmark with the ISEQ Overall Index soaring through the 3,000 barrier amid strong demand for all the leading and industrial stocks. The market is now rapidly moving towards a market capitalisation of over £25 billion.
Once again, financial shares led the charge with AIB and Bank of Ireland consolidating their new found status as £3 billion companies. But it was some of the smaller financials which were the best performers yesterday, with both Irish Life and Irish Permanent moving to new highs.
Elsewhere, the Dow Jones Industrial Average also scored a major psychological breakthrough, smashing the 7,000 hurdle to close at 7022.82, a rise of 60.19 points on the day. The index broke through the 7,000 barrier for the first time around mid day, quickly fell back but rebounded with a late surge. The rise reflected stability on the bond market and strong corporate earnings performances, dealers said.
The seemingly unstoppable surge in US stock prices has caught the attention of the US Federal Reserve, which has signalled its concern at the possibility that US equities may be overvalued.
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