ISEQ surges in morning trading
The ISEQ index of Irish shares surged this morning on the back of positive financial news from the US that the American government has taken over two huge mortgage firms.
The companies, Fannie Mae and Freddie Mac, hold around half of all outstanding home loans in the US.
Irish shares jumped 7% this morning and by 299 points to 4,581.88.
The financial heavyweights all benefitted from the positive news, with AIB soaring 96c to €8.85. Anglo Irish Bank gained an impressive 73c to €5.97 and Irish Life and Permanent jumped 69c to €7.15. Bank of Ireland gained 57c to €5.85 by 11.15am.
Elsewhere, the positive trend continued within the construction sector with Kingspan leading the way up 36c to €8.15. Grafton jumped 25c to €3.75 and McInerney didn't do quite as well up a modest 3c to 37c.
