Iseq outdoes other markets in Europe as Ryanair gains

DUBLIN REPORT Iseq: 2,323.73 (+12.34) Settlement date: February 5th:THE ISEQ index closed up slightly yesterday, outperforming other European markets, as a result of gains made by Ryanair, now its second largest stock by market capitalisation.

The airline raised its full-year outlook from a breakeven position to a net profit of between €50 million and €80 million due to lower fuel costs, in a move that was warmly received by the market. Analysts at Davy Research declared the company to be a “clear winner” in the recessionary environment. The stock climbed steadily in trading and closed up 7 per cent at €3.07, a gain of 20 cent.

Ryanair’s buoyant performance cancelled out a 2 per cent fall in the share price of the Iseq’s biggest stock, building materials group CRH, which dropped 36 cent to €17.83.

Another stock reporting figures yesterday was recruitment group CPL Resources, which said that net fee income in its permanent recruitment business fell 40 per cent year-on-year – a reflection of the struggling labour market. However, its figures were more or less in line with analysts’ expectations and the stock managed to gain 8.5 per cent to €1.15.

Among the financial stocks, the biggest climber was AIB, which rose 8.4 per cent to €1.32. However, Bank of Irelandwas weaker, falling 3 per cent to 63 cent, down two cent, while Irish Life & Permanentdropped 10 cent to €1.55, a loss of 6 per cent. A Government recapitalisation deal for AIB and Bank of Ireland is expected to be announced later this week.

Independent News & Mediafell back again, closing down two cent at 25 cent.

Other stocks to lose ground included Aryzta, DCC, Dragon Oil, Fyffes, Greencore, Kerryand Kingspan, while there were better tidings for drinks group CC, which closed up 3 cent at 81 cent.