A member of the Ryan family is believed to have raised €44.2 million in a single Ryanair share trade yesterday evening.

The trade, which was made just before the market closed, saw 6.4 million shares, or about 0.8 per cent of the company, being placed at €6.90.

Market sources suggested the most likely seller was either Mr Declan Ryan, who previously held 2 per cent of the company, or his brother, Mr Shane Ryan, who held 2.9 per cent. Ryanair, which is in a closed period at the moment, did not comment on the sale, which is the latest in a series of placings by the Ryan family.

Mr Declan Ryan raised €23.8 million last June by selling four million shares, while his brothers, Declan and Shane and his father Mr Tony Ryan have also been regular sellers. To date, they have collectively raised slightly more than €400 million through the sale of Ryanair shares.

Yesterday's sale was made at a slight discount to the market value of Ryanair, which closed at €7.08 last night. The deal was handled by Davy Stockbrokers.

Ryanair shares have been been upgraded to a "strong buy" by Merrion Stockbrokers. Merrion analyst, Mr John Mattimoe, argues that Ryanair is due to catch up on share price increases at low-fares competitor, Easyjet.

He has set an end-year price target of €10.60 for the stock, which would see it climb by some 50 per cent over coming months.

Mr Mattimoe also highlights the benefits Ryanair could draw from dollar weakness, pointing out that the company's competitive advantage will grow as long as the dollar weakens because its fuel and fleet costs are all priced in the US currency. He does not expect the European Commission's investigation into illegal state aid at Charleroi airport in Belgium to have a "material impact" on Ryanair's cost base or growth potential.