Tuesday, October 01 14:20:35
The ISEQ climbed out of the red for the first time in two days of trading this morning as global investors chose to keep calm about the US Budget crisis that reached a head today.
By 2pm, the index was up 19.36 points to 4,257.64.
The first American government shutdown in 17 years weakened the dollar on Tuesday, sending it to an eight-month low against the euro, but otherwise left equity markets firmer while U.S. Treasury bonds fell.
Investors saw the shutdown as likely to be temporary, and also as a factor that could further delay the U.S. Federal Reserve's plans to start scaling back its monetary stimulus.
U.S. Federal government agencies have begun a partial shutdown after lawmakers failed to pass a temporary spending bill before a midnight deadline, threatening the salaries of up to a million workers.
At home, investors were cheered by the latest consumer sentiment index, which rose to a six-year high in September and by an announcement today that the NTMA has cancelled all auctions of State debt until after Christmas because of the country's strong funding position.
Rises on the ISEQ included Aryzta, up 62c to E50.12 after a strong set of results released yesterday and CRH, which gained 20c to E17.86. Fallers included Kerry, down 43c to E44.53 and Elan, down 3c to E11.48.