Iseq follows other markets higher

The Iseq rose above the 3,000 level in trading this morning as the Dublin market joined other exchanges higher.

By 1.15 pm the Irish index of leading shares was up 13.53 at 3,007.06

Cavan-based building materials group Kingspan led the index higher after it announced half-year figures earlier today.

The company, which said that revenues for the first six months of 2009 were down 35 per cent to €552.5 million, saw its shares rise by 87c to €6.26.

Other construction-related stocks were mixed with CRH down 44c to €18.48, Grafton up 12c to €3.27 and McInerney gaining 1c to €0.16.

In the banking sector, AIB was trading up 8c to €2.20, while Bank of Ireland rose 4c to €2.15. Irish Life & Permanent fell 6c to €3.62.

Other movers on the Iseq included Kerry Group which rose 31c to €17.85 and Irish Continental which was up €1.10 to €11.40.

World stocks powered to a 10-month high today while the yen fell after firmer US and euro zone data and reassuring comments from the world's key central bankers spurred buying of risky assets.

Friday's survey showed sales of previously owned US homes jumped 7.2 per cent in July to mark the fastest pace in nearly two years. Today's data showing a bigger-than-expected rebound in euro zone industrial new orders also aided sentiment.

MSCI world equity index rose 0.7 per cent to reach levels not seen since October. The FTSEurofirst 300 index rose half a per cent.

Across Europe, Britain's FTSE 100, Germany's DAX and France's CAC-40 were up between 0.6 and 0.7 per cent.

US stock futures were up 0.2 per cent, pointing to a firmer open on Wall Street.

European credit default swap indexes fell sharply. The Markit iTraxx Crossover index, made up of 44 mostly "junk"-related credits, fell 21.75 points to 581.25 bps.

Tokyo stocks jumped 3.4 per cent, their biggest one-day gain in three and a half months. However, trading was thin, with turnover volume on the Tokyo stock exchange's first section at its lowest level since July 28th.

Additional reporting: agencies