ISEQ closes above 4,300 level for first time since May

DUBLIN REPORT: Ryanair recovered from a shaky start to lead the way as the Irish index moved ahead strongly after the bank holiday break.

Settlement Date: June 6th

The ISEQ closed comfortably above the 4,300 barrier for the first time since mid-May, up 2.61 per cent on the day.

Trade in the listed airline was the feature of the day with 19 million shares changing hands. The stock fell sharply following the announcement of better-than-expected figures as investors took fright at a lowering of guidance by the company for the current year.

However, they rebounded strongly, fuelled by trade in the US-listed ADRs, as the session progressed and the markets digested the figures and subsequent conference calls. The stock closed at 5.68, down 13 cents on the day having traded in a wide range from €5.20 to €6.05 and dealers expect another strong performance today on the back of late US trade.

Elsewhere, it was a good day for the leading financials, particularly AIB, which advanced 50 cents to €13.25. Analysts said there was no particular reason behind the recovery. "But then again, there was no reason behind their weakness last week," said one.

Bank of Ireland was 65 cents stronger on €11.20, while Anglo Irish also saw some buying interest, closing 23 cents stronger on €7.70. Irish Life & Permanent was unchanged on €10.50 while First Active closed five cents up on €4.15.

Among the industrials, it was a good day again for Elan, which added €1 to €5.85 as it built on gains notched up in the US while Dublin was closed yesterday.

Kingspan was another stock in demand but ended the session 10 cents weaker on €2.40.