Ryanair rise could be merely a 'dead cat bounce'

MARKET REPORT: A positive finish from Ryanair helped the ISEQ to close slightly ahead last night, with the market as a whole up about half a per cent at the end of the session.

Ryanair was again the main attraction, with 10 million shares traded in Dublin. The airline climbed 2 per cent to €4.85 but some dealers remained sceptical on its future trajectory, with one describing yesterday's move as a "dead cat bounce".

Volumes were healthy elsewhere, with the larger mid-caps seeing the best of the gains.

DCC was boosted by news of victory in a London court case, with shares up 3 per cent at €12.25 as investors eyed damages of €14.8 million.

IAWS's positive trading update from yesterday's annual general meeting lifted shares by 2.5 per cent to €9.38.

Positive newsflow was also good to Elan, which rose by 10 cents to €7.05 after issuing an encouraging update on its Antegren treatment for Crohn's Disease.

The banks were once again struggling for momentum, with Bank of Ireland unchanged at €11.55 and Anglo Irish Bank stuck at €13.75. Profit takers drove Irish Life & Permanent down 20 cents to €13.80.

AIB was an outperformer, with shares closing 13 cents ahead at €13.58.

Elsewhere, former management buyout (MBO) target IWP rose almost three cents to 36 cents, having jumped by almost 30 per cent since the start of the year.

Qualceram Shires, which was yesterday being touted as a new MBO possibility, rose by 4 per cent to €1.72.

Gresham was unchanged at €1.20, with the consortium seeking to take over the group at €1.35 due to show its hand today. // //

Kingspan rose six cents to €4.56 while Heiton was up five cents at €4.45.

CRH failed to reach the €17.00 mark, rising five cents to €16.90.

Iona climbed five cents to €5.80 as US peer SeeBeyond met market expectations with fourth-quarter numbers. Dublin ReportSettlement Day: February 3rd