The Iseq dipped sharply after lunch today as investors were spooked by consumer confidence figures released in the US.
However the index of Irish shares recovered well over the course of the afternoon session to close up about 1 per cent, ahead of other European markets. The Iseq, which peaked this year at about 3,400 in September, closed the week hovering just below the 3,000 level.
Volume-wise it was a quiet day on the Dublin market. One of the few stocks of note in terms of activity was no-frills airline Ryanair, with just short of 14 million shares trading hands in Dublin and London. The budget carrier, which had sold down to about €2.80 recently, jumped more than 5 per cent to break the €3 mark.
Aer Lingus was also lifted by positive investor sentiment towards the sector, gaining 3.5 per cent to close just under 60 cent.
Cider manufacturer C&C ended almost 5 per cent higher at €2.59, although activity in the stock was lacklustre. Elsewhere in the food and beverage sector, Kerry Group bounced almost 2 per cent, or 39 cent, to finish the session at €20.89.
Elsewhere, the announcement by Independent News & Media that it has appointed a new group chief operating officer, coupled with the defeat of a resolution proposed by shareholder Denis O’ Brien at an egm today, failed to provide momentum to the stock, which stagnated at 19 cent.
Banking stocks fared relatively well, with Bank of Ireland and AIB moving up by 1 cent and 2 cent respectively to close at just under €1.87 and €1.94. Irish Life & Permanent, however, slipped back by 8 cent to €4.65.
Across Europe, Britain's FTSE 100 closed 0.4 per cent higher, Germany's DAX rose 0.4 per cent and France's CAC-40 fell 0.1 per cent.
(Additional reporting: Reuters)