Bank of Ireland shares shot up as much as 11pc on Tuesday, leading an Irish stock market surge turbo charged by increasing certainty of a centre right led government and the prospect of a construction heavy stimulus package. AIB (+9.16pc) and landlords Hibernia Reit (+3.50pc) and Ires Reit (+1.46pc) were also swept higher as the market digested the implications of the programme for government (pfg) published on Monday. The ISEQ 20 index of major Irish shares outperformed European peers on Tuesday, led by the banks. Davy analysts Diarmaid Sheridan said global shares were up anyway on Tuesday after fresh support from the Federal Reserve and Bank of Japan. The prospect of a stimulus plan including retrofitting and mortgage supports for homebuyers is also seen as positive for banks, he said.

Source: Irish Independent June 16, 2020 17:48 UTC