Ryanair became the greatest source of excitement on the Irish market yesterday by firmly beating expectations with its first-half numbers. Almost four million shares changed hands in Dublin, with thestock slipping 14 cents to E7.16 on the back of profit-taking.
The drop acted as a drag on the overall exchange, which finished basically unchanged after failing to catch the buoyant mood evident in most other European markets.
AIB was also a dampening influence, with the bank falling 18 cents to E12.40 on volume of 4.5 million shares. Dealers reported some switching into Bank of Ireland ahead of results due later this month. AIB’s main competitor closed 10 cents higher at E10.70 last night.
In other financials, Irish Life & Permanent gained nine cents to finish at E12.14, while Anglo Irish Bank dropped eight cents to E10.25.
IFG fell five cents to E1.15 on low volume. It emerged that Gartmore had reduced its holding in the firm from 5.22 to 4.99 per cent.
Elsewhere, Waterford Wedgwood attracted good interest, with more than five million units traded as it rose one cent to 30 cents. The market continues to await details on the firm’s expected refinancing. Elan, basking in the wake of its own successful fundraising, was particularly strong yesterday, with a gain of 20 cents in place as it closed at E4.45. The stock is likely to see further sharp movements over coming weeks as hedge funds play the volatility spread between its bond and share offerings.
Positive US construction data offered a fillip to CRH, which rose 13 cents to E15.60 on reasonable volume.
Kingspan climbed five cents to E3.80, again on sound volume, while Grafton dropped 12 cents to E5.23 on quieter trade.
The biggest move of the day was meanwhile recorded in Iona Technologies, which jumped 58 cents to E3.88 on minimal volume.
