Ryanair flies ahead with a 37-cent gain as dollar falls

Market Report: Stocks were lifted in afternoon trading as positive economic data in the United States sent the Dow Jones racing ahead, dragging European markets in their wake.

Settlement Date: October 14th

The big winner in Dublin was Ryanair, which ran ahead 37 cents to €6.40. Volume in Dublin was less than 2.5 million shares with the price here driven by strong interest in the US-listed ADRs. Traders said Ryanair was benefiting both from a number of positive recent research notes on the low-cost airline sector and from the falling dollar which reduces the cost to Ryanair of its plane deal with Boeing and should feed through to hedged fuel costs next year.

The banks failed to match the gains of their peers in Britain and Europe, although the leaders did move ahead. Dealers said Bank of Ireland was still struggling to push its share price ahead despite indications that it was coming to grips with its UK operations. It closed up five cents at €10.48.

Elsewhere, AIB was 17 cents stronger, closing at €12.50 in what was the heaviest trading of a session void of local stock-specific features. Anglo Irish finished 15 cents ahead while Irish Life & Permanent closed just a cent stronger on €11.32, having traded as high as €11,40 earlier, as both banks addressed analysts at Merrill Lynch's annual pan-European banking and insurance conference in London.

Beyond the financials, it was a good day for CRH, which ended the session at €15.75, up 30 cents. Independent News & Media also found favour, challenging the €1.80 level again, before closing at €1.79, up three cents.

DCC, which reports interim figures today, was marked 29 cents stronger at €10.78, though that performance was skewed by a sharp mark-down at the close on Wednesday.

Waterford Wedgwood was one of the very few shares to close in the red, hit by the dollar weakness and closing down one cent at 26 cents.