Market report: ISEQ up on US optimism

The surprise interest rate cut by the US Federal Reserve caused the Dublin market to close up 30 points on 5,725.81 after a relatively flat day.

Much of this movement was down to AIB, which closed ahead 31 points on euro 12.04. Better-than-expected US data has led to improving sentiment to the share.

Among the other financials, Bank of Ireland shed five cents to euro 10.10, Anglo Irish eased down seven cents to euro 3.68 and Irish Life and Permanent were off one cent on euro 2.47.

Eircom continued to benefit from the improved performance of Vodafone shares improved 10 cents today to close at euro 2.60.

Food stocks stayed mixed with Golden Vale off three cents on euro 0.76 and Greencore dropped six cents to euro 2.56. Kerry shares responded to the improved US data with a gain of 19 cents to close on euro 12.69.

Other movers included Iona, up 500 cents to euro 44.0 after strong gains by the stock on US markets last week.

Galen shares performed strongly to gain 55 cents to euro 14.60 and Elan added 75 cents to close on euro 62.0.