Iseq higher in line with Europe

The Iseq index was up 13.32 points at 3,061.54 at 12.30 pm, in line with the European trend which saw European shares hit a four-week high.

The rise came on the back of positive euro zone industrial data this morning which showed that euro zone industrial output surged in April more than in any month in almost two decades. Industrial production increased more than economists forecast in April, rising 0.8 per cent.

In Dublin, Bank of Ireland, which today enters the MCSI index, was up just over 2 per cent at 81.5 cent on heavy volumes.

A surge in trading had been expected ahead of the stock's entry into the MSCI Standard INdex as a result of the recent rights issue. The move from the MSCI Small Cap Index to the MSCI Standard Index will happen at the close of business today.

Allied Irish Banks was fractionally higher at 90 cent, as the market awaits news of the disposal by RBS of 318 UK bank branches.

Irish Life & Permanent, whose outlook was downgraded by rating agency Standard and Poor's on Friday, was flat at €1.60.

The less than positive picture that emerged from the Ulster Bank Construction PMI index about the continuing problems facing the construction industry failed to have an impact on CRH, which was just under 1 per cent higher this lunchtime at €19.18. However, insulation provider Kingspan was down over 3 per cent at €6.07.