Iseq flat as airlines takeoff

Airline stocks are peforming well on the Dublin stock market today, with both Ryanair and Aer Lingus trading in positive territory…

Airline stocks are peforming well on the Dublin stock market today, with both Ryanair and Aer Lingus trading in positive territory.

The Iseq index was trading at 2673 at 1pm, down a fifth of one per cent for the session.

Exploration firm Providence Resources is seeing higher than usual volumes after a positive update on its drilling off the Dublin coast. It added almost 19 per cent, or 45 cent, rising to €2.85.

Ryanair, which had a disappointing session yesterday despite announcing half year profits of €452 million, added seven cent this morning, rising to €4.05. More than 2.3 million of its shares traded this morning.

Aer Lingus gained four cent, or 3.6 per cent, this morning and is trading at €1.15.

Food and drinks stocks are also performing well, with Kerry Group up 2.5 per cent, Greencore up 3.6 per cent and C&C up 1.4 per cent on strong volumes.

AIB, which yesterday received approval from shareholders to sell its stake in US lender M&T, added 2.5 per cent this morning and stood at 35 cent at 1pm.

Elsewhere, market heavyweight CRH shed 1.7 per cent this morning, as did Independent News and Media.

Bank of Ireland dropped 4 per cent this morning to 50 cent.

Elsewhere, the FTSE-100 index was up 64.60 to 5759.22 at 12.45pm. The Stoxx Europe 600 Index added 0.3 per cent this morning.