Irish shares rebound with global markets

Irish shares rebounded from four-month lows and the yield on the nation’s 10-year bonds fell as markets globally took a breather as Brexit campaigning was suspended for a second day.

The Iseq index rose 1.6 per cent in early trading on Friday to 5,996, though shy of the key psychological 6,000 level through which it fell earlier in the week for the first time since mid-February. The index had fallen 1.7 per cent on Thursday

Banking stocks led the recovery, having been heavily sold off during the week, in line with European peers as the sector is seen as one of the most affected by a potential Brexit.

Bank of Ireland surged 5.9 per cent to 23.2 cents, while Permanent TSB added 3.6 per cent, to €1.92.

The yield, or market interest rate, on Ireland’s 10-year bonds fell by than 0.06 percentage points to 86.2 per cent.

By contrast, the yield on Germany’s 10-year securities, seen as a safe haven at times of market volatility, rebounded to near-zero from -0.02 per cent on Thursday.