Dublin benefits from Europe rally

Dublin: The Dublin market benefitted from the general rally around Europe today.

Ryanair was one of the more significant movers on the back of news that jet kerosene prices fell slightly and generally good sentiment towards airlines.

The stock rose 3.38 per cent to €4.04. Dealers pointed out that the stock was sold heavily last week ahead of its results announcement on Monday.

By contrast, its local rival, Aer Lingus, in which Ryanair is a shareholder, fell more than 6 per cent to close at 91 cent.

Traders said the fall was mainly on the back of aggressive selling by one shareholder.

International packaging group, Smurfit Kappa rose 3.67 per cent to close at €5.65.

Bookmaker Paddy Power gained 2.48 per cent to €51.34 as reports indicated that the Australian authorities are preparing to allow in-play betting on sports events.

The Irish group owns Australia's biggest on-line betting business and stands to gain from such a change in the law.

Food ingredients group, Kerry, was one of the most significant fallers. It shed 3 per cent just before the close to €32.70. However, dealers pointed out that it had traded at between €33.70 and €33.80 during the day.