Ryanair takes a hit over US terror attack fears

MARKET REPORT: Irish shares managed to end the day in positive territory despite the uncertainty injected into world markets…

MARKET REPORT: Irish shares managed to end the day in positive territory despite the uncertainty injected into world markets by a new terror alert in the US.

The ISEQ Index ended the bank holiday marginally higher at 5,368.67 with dealers reporting relatively quiet trading.

Ryanair was 2 per cent weaker as airlines across the globe bore the brunt of fears of a terror attack in the US. Ryanair shares closed at €4.41, down 9 cents.

The low-cost carrier will issue first-quarter earnings figures this morning and investors will be looking for signs from the company about how Ryanair will perform in the winter months.

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Figures issued by British Airport Authority yesterday, recording a 9.7 per cent rise in passenger growth including an almost 16 per cent increase at Stansted, were being viewed as a positive sign for the airline.

Warner Chilcott shares traded in significant volumes yesterday after the firm announced that it had won the court case against Teva in defence of its patent for Sarafem, the drug it acquired from Eli Lilly in late 2002. The patent now runs until May 2008, giving Warner Chilcott time to develop a line extension to counter off-label use of similar products. Investors viewed the news as positive as it removes the long-running uncertainty around the company. The shares gained almost 5 per cent to close at €9.42.

AIB shares traded with the stock gaining one cent to end at €12.80. Bank of Ireland shares added six cents to close at €10.84.

Amongst the other financials, Anglo Irish Bank closed lower, shedding four cents to €13.06 and Irish Life & Permanent shares added nine cents to €12.66.

Tullow Oil announced that its development plan for the Northern Block G area in the Rio Muni basin had been approved by the government of Equatorial Guinea. Its chief executive, Mr Aidan Heavey, said the approval was "another milestone in realising our objective of achieving significant organic growth in West Africa". Its shares were unchanged at €1.78.