Irish equities edged upwards today with the Iseq index closing up the best part of 1 per cent as European shares rose for a fourth consecutive day to a two-year high, led by financial stocks.
The bullish mood among investors was aided by data showing that fewer US citizens filed first-time claims for unemployment insurance payments last week in the US, while new figures showed that Japan's economy grew by more than initially estimated in the third quarter.
The three-notch downgrade of Ireland's sovereign debt by ratings agency Fitch had little impact on either equity or bond markets, with most investors expecting such a move.
In Dublin, Bank of Ireland soared 8.9 per cent to 47 cent, making it the highest climber on the Iseq. AIB was much quieter in terms of trading volumes, however, and closed flat at 50 cent.
Irish Life & Permanent did manage to join in the Europe-wide rally in financial stocks, however, rising 4.9 per cent to €1.25.
Elsewhere, there was a bit of buyer interest in Greencore, the Irish food group set to merge with the British chilled-food manufacturer Northern Foods. Greencore closed down 1.37 per cent at €1.36.
Pharmaceutical company United Drug added 1 cent to close at a round €2.00 after it announced a deal to expand its UK speciality pharmacy homecare business through the acquisition of Careology. Among the airlines, Aer Lingus advanced 5.8 per cent to €1.14, while Ryanair closed at €3.84, down 1 cent on the previous day's finish. Other fallers included insulation group Kingspan, which fell 1.33 per cent to €6.50, and Independent News & Media, which closed down 2.9 per cent at 50 cent.
Iseq heavyweight CRH climbed 1.2 per cent to €15.10, which helped keep the Irish market in the black.