Banks lead ISEQ into positive territory

The ISEQ moved into positive territory for the first time this week following encouraging news from Bank of Ireland.

At 11.19, the ISEQ was nearly half a percentage point ahead on 4271.37, with Bank of Ireland and AIB leading the gains.

Bank of Ireland shares were up 18 cents at €11.35 following its full-year earnings report. The bank reported pre-tax profit of €1.013 billion for the 12 months to March, down from €1.085 billion a year earlier after taking a charge to restructure its British businesses.

The company also said it also planned to continue its share-buyback programme.

Volumes in BoI shares were just over one million although that was on a fraction of the 6.2 million AIB shares traded; AIB's shares were five cents ahead at €13.75. AIB's Polish subsidiary, Bank Zachodni WBK, today reported a first quarter net profit of 48.4 million zloty, down 33 per cent on last year.

Among the other financials Anglo Irish Bank slipped back marginally to €7.10 while Irish Life crept ahead five cents to €10.25.

Power generating company Viridian moved ahead more than 5 per cent to €7.5O after reporting solid full-year results. The Northern Irish utilities company operates the Huntstown power plant in north Dublin.

Ryanair contributed to the positive mood and climbed 5 cents to €5.85 Elan shares rose 14 cents to €3.98 by the midsession.