Ryanair and CRH buck European negativity

MARKET REPORT:THE DUBLIN market joined most other European bourses in turning negative yesterday towards the end of trading to close slightly lower.

Ryanair was among the gainers, shrugging off negative sector sentiment that followed a profit warning from Air France/KLM yesterday. While national carriers have struggled, budget operators such as Ryanair have appeared relatively resilient. The stock finished up 1 per cent at €2.84.

Building materials giant CRH turned in a solid performance closing up 0.8 per cent at €16.33 while European competitors such as Lafarge slipped back yesterday.

One Dublin-based broker said CRH was regarded as a forerunner in the cement sector and as a result was outperforming others in the sector.

Elan’s strategic review is expected to be completed next month and the stock has also been subject to speculation about interest, possibly from Danish pharmaceutical firm Lundbeck. The stock rose from €4 on Monday to €5.64 on Thursday before giving up some of these gains to end at €4.92 yesterday.

Dragon Oil cheered the market with a 21 per cent rise in earnings in 2008 with revenues hitting €706 million. The company plans to register in Bermuda as part of a corporate restructuring which analysts said would allow it pursue new ventures in a more tax efficient manner.

The company’s primary listing will be on the LSE, with a secondary Iseq listing. The stock closed up 5.5 per cent at €2.08.

Having traded up from lows of 80 cent at the end of February CC shares closed down 4.5 per cent last night at €1.17.

Banks were relatively flat with Bank of Ireland down 3.8 per cent at 50 cent and AIB marginally off at 64 cent. ILP was almost 2 per cent lower at €1.12.

Settlement date: April 1st