Ryanair was the main talking point today on the Dublin market, as the budget airline reported half-year results.
Over 6 million shares were shared in Dublin, but despite reporting impressive rises in revenue and profits, the results fell short of most analysts' expectations, pushing down the share price by 3.8 per cent to close at €3.97.
The surprise decision by the British Office of Fair Trading to investigate Ryanair's shareholding in Aer Lingus had minimal impact on either airline's shareprice according to analysts. While Aer Lingus shed 3.4 per cent, this was more likely due to continuing concerns about rising costs for all airlines, as well as a pull back from Aer Lingus' recent climbs.
Elsewhere, CRH performed well, adding 1.4 per cent or 17 cent to €12.48, as buyers, particularly long-term investors, continued to come in to the market.
Packaging group Smurfit Kappa was another good performer, gaining 1.4 per cent to €7.80, on the back of a trading update from peer company Mondi which confirmed that upward price movements are continuing.
As AIB shareholders gathering for the company's EGM heard that plans to sell its UK unit were "on hold", the bank's share price rallied during the day but fell back slightly to end the session 0.9 per cent up at €0.34.
Funding concerns continued to weigh on Irish banks as troubles continued on the bond market. Bank of Ireland lost 2.4 per cent to end the session at €0.52, while Irish Life and Permanent shed 1.3 per cent to close at €1.50.
Elsewhere, DCC saw decent activity, closing at €21.11, a gain of 1.7 per cent or 35 cent, ahead of results next week.
Ferry group ICG also saw significant gains, adding 2 per cent, or 30 cent to €15.50, though this was on light volumes.