Markets hopeful over Greece

Dublin recovered some ground today along with other European markets which were optimistic at the close of business that Greece’s socialist prime minister, George Papandreou would survive a confidence vote and that the country would move a step closer to avoiding a default.

The benchmark Iseq index of Irish shares rose 34.5 points or 1.2 per cent to close at 2,907.2, aided by increases in the value of leading stocks such as CRH and Ryanair.

In Europe, the Stoxx 600, which tracks leading stocks in 18 western European markets, rose 1.4 per cent to 269.59, its best performance for two months.

London's FTSE 100 rose 81 points or 0.7 per cent to close at 5775.31.

Dublin's biggest stock, international building materials group, CRH, gained 41.5 cent or 2.9 per cent to close at €14.715. Around half a million of the company's shares changed hands during today's trading.

Low-cost airline, Ryanair, which announced that it has signed a memo of understanding on the development of a new aircraft with Chinese group, Comac, rose 5.4 cent or 1.54 per cent to close at €3.57.

Drug developer, Elan, rose 2.74 per cent to close at €7.346. The shares dipped slightly during the morning session, but gained ground in late afternoon following a 2 per cent jump in the stock's value in New York, where most of its equities are traded.

Packaging specialist, Smurfit Kappa, made good ground in the morning, reaching €7.90 at one point, before slipping back slightly an ending the day 0.9 per cent up at €7.87.

Dairy and ingredients group, Glanbia, slipped, shedding 1 per cent to close at €4.85. In a related sector, convenience food producer, Greencore, dropped 1.44 per cent to end the day at €1.03.

Amongst the banks, home lender and life group, Irish Life and Permanent, dropped 5.7 per cent to end the day at 6.6 cent.