Dublin Report: Ryanair proved the star of the stock market yesterday, adding more than 7 per cent in the wake of better-than-expected third-quarter results.
The low-cost airline reported a net profit of €34.5 million in the third quarter, well ahead of even the most optimistic of market forecasts. The airline also upgraded its full-year net profit guidance to €246 million.
More than 22 million shares traded in Dublin, with a further 16 million changing hands in London, as the stock charged ahead to touch a high of €6.65 on the day before later giving up some ground to close at €6.30, up 42 cents on the day.
However, most Irish stocks had a disappointing day as the ISEQ index lost 0.7 per cent, underperforming overseas markets, in light volumes.
Dealers said a programme trade out of Britain hit a number of stocks, including Irish Life & Permanent, which closed 25 cents or 1.8 per cent lower at €13.75. Independent News & Media was also affected, losing nine cents or 3.9 per cent to €2.20.
Activity was concentrated in the leading stocks with most of them closing lower. In the financial sector, Bank of Ireland shed 30 cents or 2.4 per cent to €12.10, Anglo Irish Bank was off 22 cents or 1.2 per cent to €18.70 while AIB gave up eight cents to €15.25.
Building materials group CRH also closed weaker, finishing 22 cents or 1 per cent down at €20.33 while pharmaceutical group Elan lost 40 cents, or nearly 2 per cent, to close at €20 in Dublin.
Among the few gainers yesterday were Jurys Doyle, which added 13 cents or 1 per cent to €13.10 and IFG Group, which gained three cents or 3 per cent to €0.99. In the food sector, Greencore gained four cents to €3.29 while Glanbia edged up by two cents to €2.92.
Shares in NTR, which are traded on a grey market, remained unchanged at €26 as it emerged that IAWS Co-op had increased its stake in the utility group to 23 per cent.
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