The financial sector across Europe was “decidedly flat” today as investors sat on the fence waiting for the results of banking stress tests, a Dublin-based broker noted.
The stress test results emerged after European exchanges closed. However both Bank of Ireland and Allied Irish Banks (AIB) broke rank from their European peers and traded upwards before it was confirmed this evening that they had passed the crucial European Union hurdle.
Bank of Ireland finished up almost 2 per cent, or 1.2 cent, at 74 cent, but AIB gave up its gains to close flat at 90 cent.
Elsewhere, Aer Lingus enjoyed an uplift as a positive trading statement released just before the closing bell yesterday was fully absorbed by the market today.
The carrier broke through the €1 level at one point but slipped back a little to finish up about 3 per cent, or three cent, at 97 cent. Volume in the stock remained strong, with 1.2 million shares changing hands.
Low-fares airline Ryanair, which has enjoyed a strong rally in recent weeks, came off a strong opening price of €4.05. It slipped 3 per cent, about 12 cent, to close at €3.93. However one broker said that the fall was just a function of “a small bit of profit-taking”.
Among the second-string stocks, Independent News & Media fared well, adding 2 per cent, or 1.4 cent, to just over 70 cent.
Overall the Iseq index was left behind today, shedding about 20 points, or 0.66 per cent, to 2,918.08 while several major European indexes rallied for a fourth consecutive day.
The Stoxx Europe 600 Index rose 0.6 per cent to 255.97 at the 4:30pm close in London, extending this week's advance to 3.2 per cent.
The UK's FTSE 100 lost less than 0.1 per cent, while Germany's DAX advanced 0.4 per cent. France's CAC 40 gained 0.2 per cent.
(Additional reporting - Bloomberg)