Airlines push Dublin market higher

A falling oil price and better than expected results from Dell overnight have boosted markets in Europe and pushed the Iseq into positive territory.

At 12.28pm the Dublin market was trading up 0.4 per cent at 6,124.

Reports of a US regulatory probe into possible price manipulation of oil prices sent the price of a barrel of crude below $126 today resulting in a welcome boost for airlines and consumer companies.

Ryanair shares are over 2 per cent higher at €2.78, in the last day of trading before it announces full year results next Tuesday.

In a note this morning, Goodbody said it expects a 20 per cent rise in Ryanair's revenues but a 19 per cent fall in fourth quarter operating profit. It expects full-year operating profit at the airline of of €529 million.

Aer Lingus was also enjoying the respite from recent oil price highs with its shares rising 2.5 per cent to €1.72.

Another stock in positive territory today was Independent News & Media which this morning announced it was entering the media market in Indonesia with a deal to buy a 20 per cent stake in Abdi Bangsa. At 12.28pm IN&M shares were 1.44 per cent ahead on €2.24.

Greencore, which is exiting the benchmark Morgan Stanley Capital International (MSCI) index, was 2.8 per cent lower today at €3.03.

Stocks in Europe and Asia were higher today on lower oil prices. US index futures advanced.

British Airways and Air France-KLM Group led gains by European airlines, and tiremaker Bridgestone advanced in Tokyo after oil slumped more than $5 a barrel in two days.

Dell rallied in Germany after saying personal-computer shipments jumped 22 per cent, while STMicroelectronics NV led technology shares higher in Europe.