Financials lift Iseq up by over 2%

The Dublin market rose by over 2 per cent in early trade after positive results from US-based firms overnight boosted financial stocks.

At 12.45 the Iseq was ahead 125 points at 6240.

The big gainers were the financials with Anglo adding 6.7 per cent to €8.60 followed by Bank of Ireland, up 3.5 per cent to €9.21; and Irish Life and Permanent shares which added just over 3 per cent to €11.65.AIB shares rose 2.5 per cent to €13.32.

This was part of a European-bouyance for banking stocks this morning as Societe Generale shares rose 4.6 per cent and Royal Bank of Scotland 2.3 per cent on FTSEurofirst 300 index by 11.51am.

Dublin brokers said the relatively positive numbers from IBM, Intel and eBay overnight had seen an upbeat start to trading.

Brokers said Elan was also having a good day benefiting from a post-close research statement on Tysabri. At 12.45pm its shares were up 3.6 per cent at €15.50 in Dublin.

Ryanair shares shrugged off the latest new record oil price to over €115 a barrel to reach the midway point up 1.5 per cent at €2.77.

Among the fallers were Kingspan, down 1.3 per cent on €8.09; and Aer Lingus, off almost 2 per cent at €3.66 on light trading.

Overall trading volumes were reported to be light.