Airlines go higher as Ryanair is in demand

DUBLIN REPORT: Iseq: 3,034.73 (+42.87) Settlement date: June 8thTHE DUBLIN market had a busier day yesterday, with trading activity in the US on Wednesday feeding into the direction of the market here when it opened.

Ryanair is on the road pushing its merits and the effect was evident on both the stock’s price and the level of activity. Sales were three times the average for the past week, and twice the average for the past month. It ended the day at €3.64, a rise of 3.9 per cent. Traders considered this a decent rise given its earlier price rises.

Aer Lingus did okay on its tail winds, perhaps on the basis that what is sauce for the goose may also be good on the gander.

Traders also thought that the Icelandic ash cost estimates may have been overdone, and the market is now returning its attention to the airline’s fundamentals and deciding it makes an attractive investment prospect. The share closed at €0.71, a rise of 0.4 per cent.

CRH, the largest company on the exchange, closed at €19.07, a rise of 2.66 per cent. The sector generally did well yesterday, and CRH outperformed it by approximately one percentage point.

There was little by way of news on the day, although a positive Bloxham note on Smurfit Kappa may have contributed to its 1.88 per cent rise, to €6.5.

Oil stocks did well for no reason that was apparent to brokers. Dragon Oil closed the day at €4.82, a rise of 2.83 per cent.

Bank of Ireland dropped 4.76 per cent to €0.72. Traders said the share was suffering from the volatility that normally goes with being in the middle of a rights issue. Its nil paid stock closed at 17 cent.

AIB went in the other direction, closing up 1.33 per cent at €0.99. Irish Life and Permanent closed at €1.93, a fall of 2.06 per cent.

DCC rose 1.69 per cent to close at €19.25, while Aryzta closed at €27.6, a rise of 2.22 per cent.