THE Iseq reversed a seven-day losing streak today, following markets in the US and Europe upwards.
The Irish index closed up 171.8 points, or 2.9 per cent, at 6128.3 points, but with only 27.5 million shares traded.
The day started inauspiciously after recruitment firm CPL said full year profits will be down 15 per cent after a downturn in trading in March and so far this month. CPL’s stock were down 27 per cent at € 2.60 by 9.30am, having shed 100 cents, before recouping a fraction of this to close at € 2.67.
Recruitment and support services firm Newcourt Group suffered as well, closing down ten cents, or 11.4 per cent, to 78 cents.
All the main banking stocks were up after JP Morgan announced results which were in line with market expectations.
Anglo Irish Bank was further buoyed by news that private equity powerhouse JC Flowers had taken a 25 per cent stake in German bank Hypo Real Estate. Both banks are seen as having high levels of exposure to commercial property. Anglo Irish finished the day up nearly three per cent at € 8.12, albeit on moderate volumes of 2.8 million shares.
The FTSE index rose more than 2 per cent to its highest close in six weeks as rising commodity prices boosted miners, while banks got a lift from a JPMorgan update that eased investor fears.
The FTSE 100 ended up 139.3 points, or 2.3 per cent at 6,046.2. The DAX index ended at 6702.84 points, up 117.79 or 1.79 per cent while the CAC-40 index closed at 4855.1 points, up 74.42 or 1.56 per cent.