Dublin report: Traders said yesterday was "quiet enough" for business, but the market was generally firm and moved back into positive territory after slipping slightly at the end of last week.
The Iseq index of Irish shares ended the day 86.71 ahead at 8,630.86. Low-cost airline Ryanair made much of the running yesterday after announcing strong first half results and a near 40 per cent increase in profits to €329 million and earnings per share of 42.67 cent. The company was bullish about its prospects for the full year and predicted that profits will increase by 16 per cent rather than 11 per cent.
Investors were happy to back the prediction and the stock gained 32 cent to close at €9.28, while nine million shares changed hands during the day.
Anglo Irish Bank made up ground in a dramatic fashion to close at €14.45 topping its previous 12-month high by 10 cent. The stock had slipped slightly on Friday as investors cashed in their profits, but recovered well yesterday. The bank is due to report results at the end of the month.
Drinks and snacks group C&C was well up with the early pace, with strong demand for the stock.
Its momentum carried it to €12.60 in the morning and it hit a high of €12.75 during the day before closing 29 cent up at €12.69. Investors bought 1.5 million shares in the stock. Dealers said that it had slipped last week on profit taking and rumours about the possibility of an increase in cider duty in the UK.
Building materials player Kingspan lost ground after confirming that it did not intend appealing the Competition Authority ruling blocking its planned takeover of Xtratherm. It closed 16 cent down at €16.30.
