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ISEQ lifted upward with global tide

IRISH shares rose yesterday in line with the rest of the world on the first day of trading here since ratings agency Standard & Poor upgraded the country.

By the close in Dublin, the ISEQ Overall Index was up 0.2pc or 10.95 points to end the first day of the trading week at 5023.35.

Global equity markets edged up, with one gauge less than half a percentage point from an all-time high as low interest rates bolstered sentiment even as US Treasury yields rose.

Germany's DAX Index closed above 10,000 for the first time ever.

The leaders on the Dublin market included the state's so-called pillar banks, AIB and Bank of Ireland, which rose 1.9pc and 1.1pc respectively to 11 cents and 28 cents.

Hibernia REIT closed up 0.8pc to €1.9 while Green REIT rose 1pc to €1.33.

On the other side of the board, the laggards included fruit company Fyffes, which fell 1.1pc to €1.14; while Dalata Hotel Group closed down 0.7pc to €2.93.

Elsewhere, European stocks advanced, extending a six-year high, amid optimism the global economic recovery remains on track.

The Stoxx Europe 600 Index added 0.4pc at the close in London, its highest level since January 2008.

The gauge rallied for eight weeks for the longest streak since August 2012.

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Markets in Norway, Denmark, Switzerland, Austria, Iceland, Greece and Luxembourg were all closed yesterday for the Whitsun holiday.

National benchmark indexes rose in all of the 11 western-European markets that opened yesterday.

The UK's FTSE 100, the DAX and France's CAC 40 all gained 0.2pc.

A report yesterday showed Japan's economy, Asia's second-largest, expanded an annualised 6.7pc in the first quarter, up on the preliminary reading of 5.9pc. (Additional reporting Bloomberg)

Colm Kelpie

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