Ryanair and DCC diverge as both report results

Ryanair and DCC were the main news features on the Irish stock market yesterday as both companies released results.

Their share prices enjoyed contrasting fortunes, however.

Despite reporting better- than-expected first-half results, shares in the low-cost airline lost 24 cent, or 3.4 per cent, to €6.76 as it remained cautious about the outlook heading into the winter.

Strong oil prices and expected prices cuts by the flag carriers prompted Ryanair to leave its full-year net profit guidance unchanged at €295 million.

Shares in DCC added 55 cent, or 3.6 per cent, to €15.95, however, as the industrial holding group posted a smaller-than-expected fall in half-year earnings and said it expected to edge into double-digit earnings growth in the second half.

Dealers said the solid set of figures, which showed strong growth in most of DCC's businesses aside from information technology, allied to a good dividend payout, had helped lift the share price.

Elsewhere, dealers reported interest in Fyffes, with 1.5 million shares traded, as it gave up a cent to €2.29 amid caution ahead of proposals to change the EU banana regime.

Shares in Eircom added four cent, or 1.7 per cent, to €2.37, lifted by continued talk of a successful bid for the telecoms group from Swisscom.

In the banking sector there was a mixed picture. Irish Life & Permanent added 20 cent, or 1.3 per cent, to €15.25, amid talk that the company was among those best placed to benefit from the release of SSIA money from next year.

But Anglo Irish Bank, which releases full-year results later this month, gave up 22 cent, or 1.9 per cent, to €11.15, as investors took the view that it was one of the stocks most likely to feel the impact of an increase in interest rates.

AIB and Bank of Ireland both finished the day higher, the former adding 12 cent to €17.26 while the latter closed at €12.95, a gain of 20 cent on the day.