Dublin's ISEQ index hit a record high this afternoon - up 62 points to 8,107, boosted by higher C&C shares.The index closed up 47 at 8,092 which was a near record high.
Previously, the index had closed at its highest ever level at 8,096 on the 3rd April 2006.
The ISEQ is clawing back big losses made in June, along with global stock markets, amid concerns that higher interest rates will slow world economic growth.
Shares in C&C jumped almost 12%, or €1.03 to €9.75 this evening, after the drinks and snacks group said that turnover growth in the first half of the year is expected to be over 25% higher and that it expected further strong growth in the second half leading to a boost in operating profit.
The company said its performance in the six months to the end of August had been driven largely by demand for its Magners cider brand in the UK, where volume growth was up a massive 250%.
The ISEQ has clawed back big losses made in June, which saw more than €5 billion wiped off the value of Irish shares, and big falls on global stock markets, amid concerns that higher interest rates will slow world economic growth.
The main driver behind the losses in June were concerns that the US, the world's largest economy, will need to keep raising interest rates to tackle inflation.
However at the last Fed kept rates unchanged for the first time in 17 months at its last rate setting meeting on 3rd August.
The Irish stock market gained about 18% last year, and is on course to improve on this figure this year. Last year's increases were driven by the financial sector, CRH and Ryanair.
