Dublin Report: The tumble in oil prices to a 12-week low of $43 a barrel boosted stock markets on both sides of the Atlantic with Irish airline Ryanair enjoying the biggest lift in Dublin.
Spiralling fuel costs have been weighing on Ryanair's share price in recent months and the airline's decision not to hedge forward its fuel at the prevailing expensive rates had been a concern.
As oil prices eased, Ryanair shares edged higher in New York on Wednesday. By close of business in Dublin yesterday, Ryanair shares had gained 25 cents to €5.55, up almost 5 per cent on the day with dealers reporting big volume trading in the stock in Dublin and London.
Financial stocks in Europe remained in positive territory with the Irish financial institutions putting in a generally stronger performance.
Bank of Ireland gained 22 cents to end at €11.69 on the back of good interest in the stock. Trading in AIB was relatively lighter but the stock managed to climb to close at €14.97, up 10 cents.
Anglo Irish Bank climbed by more than 2 per cent to close at €17.40, up 40 cents. Last week the bank issued strong figures and its senior management have been meeting with investment institutions in recent days and is being well received.
Irish Life & Permanent also had a good run with the stock up 2 per cent to €13.38, up 23 cents.
IWP pleased the markets with its results yesterday and the stock closed 3 cent better at 21 cents.
CRH was relatively quiet with the shares ending 8 cents better at €19.25. Elan was one cent weaker at €19.87.
The opening of the court battle between DCC and Fyffes was not deemed to have had any impact on the performance of these stocks yesterday.
DCC closed 20 cents lower at €15.75 while Fyffes gained one cent to €2.05.
Independent News & Media moved 5 cents higher to €2.30 while Kingspan gained 10 cents to end at €7.05.
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