European stock markets soared this evening as investors welcomed a weekend bail-out for US banking giant Citigroup and a British government plan to boost its economy.
In London, the FTSE rebounded by almost 10%, closing at 4,153, as news of a £20 billion British government stimulus package added to the early momentum from the Citigroup rescue. The Paris and Frankfurt markets both ended up more than 10% at 3,172 and 4,554 respectively.
In Dublin, the ISEQ closed up 143 points (6%) at 2,463. Bank of Ireland was almost 6% ahead at €1.32 in late trading amid continuing speculation about interest from private equity groups. Anglo Irish was up 9% to just under €1. Shares in Merrion Pharmaceuticals jumped more than 40% to €3 after a $58m deal with Danish firm Novo Nordisk to develop and commercialise insulin that is taken orally.
On Wall Street, the Dow Jones was up 269 points at 8,316 while the Nasdaq rose 56 to 1,440 as the Citigroup rescue calmed investors. The Tokyo market was closed for a holiday.
