Banks and Elan lift Iseq to close 2.65% up at 6,114

Market report:THE ISEQ broke a seven-day losing streak yesterday, breaking back through the 6,000-point barrier. The Irish index followed US and European markets upwards, closing 157.76 points, or 2.65 per cent higher, at 6114.3. Volumes were still light, however, with 27.5 million shares traded overall.

One broker remarked that European bourses were "a happier place to be" yesterday after US bank JP Morgan announced robust earnings, and US inflation figures held no surprises.

The day started inauspiciously after CPL said it expected profits to be 15 per cent below market expectations after a downturn in trading in the last six weeks.

CPL's shares were down 27 per cent to

2.60 by 9.30am, having shed

1, before recovering a fraction to close the day at ¬2.67.

Elan was the day's biggest winner, adding

1.60, or nearly 12 per cent, after reporting that none of the 26,000 patients using its multiple sclerosis drug Tysabri since its relaunch in 2006 had suffered side-effects.

All the main banking stocks made gains. Anglo Irish Bank was the standout, adding 23 cents, or nearly 3 per cent, to

8.12. The lender received a boost after private equity group JC Flowers said it had bought 25 per cent of German bank Hypo Real Estate. Both are seen as having high exposures to commercial property.

AIB was up 23 cents, or 1.8 per cent, to

13. Bank of Ireland gained 10 cent, or 1.1 per cent, to close at

8.90. And Irish Life & Permanent was up half a percentage point to

11.30.

CRH's announcement it had acquired British building products firm Ancon for

110 million, at what one broker called "an attractive multiple" of eight times earnings, helped offset further negative news in the US housing market yesterday, lifting the company's shares 74 cent, or 3.2 per cent, to

24.10.

Settlement date: April 21st