DUBLIN REPORT:IN LINE with other European markets, Irish shares rebounded in afternoon trading after a report showed US consumer confidence unexpectedly advanced this month, writes Ciarán Brennan.
The Iseq still ended in the red though after what was generally a mixed session for Irish shares.
The Dublin market opened lower as it digested a poor session for US equities and the overnight news from Merrill Lynch that it expected to write off another $5.7 billion (€3.6 billion).
Banking stocks were marked down quite aggressively in early trading, helping to drag the Iseq down 3.3 per cent at one stage.
However, on the back of the more positive news coming from the US, the financials clawed their way back from earlier lows.
By close of business, Bank of Ireland was firmly in positive territory. It added 22 cents, or 4.39 per cent, to €5.23. Irish Life Permanent also enjoyed a good day, closing one cent stronger at €4.61.
Anglo Irish Bank was down almost 0.5 per cent, shedding 2.6 cents to €5.25.
A degree of nervousness ahead of today's publication of AIB's interim results saw its shares fall five cents to €7.35.
Elan, which had been enjoying a good run recently, was among the fallers. It slid back 5 per cent to €20.56 with some profit-taking taking place ahead of last night's announcement of detailed phase- two data for its Alzheimer's treatment, Bapineuzumab.
Ryanair, which fell 22.5 per cent following first-quarter results on Monday, started off weak but rallied on the back of falling oil prices, which dropped to a 10- week low, and merger talks between British Airways and Iberia, which raised hopes of a round of consolidation among European airlines.
A 4 per cent rise in the airline's share price saw it tack on 10 cents to €2.60 with the stock actively traded throughout the day.
Iseq: 4,585.04 (-34.16) Settlement date: August 1st
