Iseq advances as Ryanair soars more than 4%

Iseq: 2,449.24 (+39.40) Settlement date: August 16th:VOLATILITY CONTINUED to be the defining characteristic of the Dublin market yesterday, in line with the global trend, as markets worldwide remained extremely tense.

Having started off positive, the Iseq started to sell off mid-morning, climbing again once US markets opened before closing higher.

The Dublin market closed up 1.6 per cent, under performing relative to its European counterparts, which rose about the 3 per cent mark. The under-performance was due to a disappointing session from index heavyweights CRH and Kerry compared to their industry peers, although this was offset by strong advances from Ryanair.

CRH hit lows of €10.86 and a daily high of more than €12, before finishing at €11.74.

Ryanair performed strongly throughout the session, advancing 4.4 per cent to finish at €2.94.

Elsewhere, United Drug climbed almost 5.5 per cent as analysts responded well to a third-quarter update from the pharmaceutical company which said it expects operating profit for the 12 months to the end of September to be ahead of last year, as the company benefits from successful acquisitions in the US.

Smurfit Kappa, which yesterday updated brokers in Dublin having reported a rise of 52 per cent in operating profits for the first half of the year on Wednesday, fell more than 0.5 per cent to close at €5.02.

With Bank of Ireland bond holders who took part in the debt- for-equity swap due to see their shares come on stream today, Bank of Ireland was actively traded, finishing at 10 cents.

On the bond markets, yields on 10-year Irish sovereign debt crept up, but still remained below the 10 per cent mark, closing at 9.78 per cent, up from 9.55 per cent the previous day.