5pm Markets Update

Updated: Wednesday 25 May 2016 17.39

European equities jumped to a four-week high with banks buoyed by progress on talks towards securing a debt relief deal for Greece, and energy shares rose on the back of a rally in oil.

Banks rose after euro zone finance ministers agreed with Greece and the International Monetary Fund on a deal that will address Athens' requests for debt relief.

In Dublin the Iseq overall index of Irish shares added 85 points, 1.3%, to 6,472. Bank of Ireland and Permanent TSB gained 4% and 5%, respectively, as part of the wider rally in European banking stocks.

In London the FTSE 100 closed 44 points, 0.7%, higher at 6,263.

The DAX in Frankfurt was 134 points, 1.3%, higher at the close at 10,206.  In Paris the Cac 40 gained 50 points, 1.1%, rising to 4,482.

Wall Street opened higher, extending Tuesday's gains as the possibility of the US Federal Reserve raising interest rates as early as this summer boosted bank stocks.

Financial stocks were up 1.3%, hitting their highest levels since the beginning of the year. Bank of America, JPMorgan and Citigroup were all up between 2% and 3%.

The Dow Jones industrial average was up 168 points, or 1%, at 17,874, the S&P 500 was up 16 points, or 0.8%, at 2,092 and the Nasdaq Composite was up 35 points, or 0.7%, at 4,896.