The near 2 per cent rise in the ISEQ disguised an anaemic performance by many Irish stocks yesterday, with the rise in the index mainly down to gains by Elan and an impressive performance by Ryanair.
There was strong demand for Ryanair - apparently by US investors who see low-cost airlines as one of the likely growth sectors in the current uncertainty. Ryanair shares rose as high as €10.72 before eventually closing up €1.07 on €10.40.
The shares were also boosted by traffic figures from BAA especially from Stansted, Ryanair's British hub. Merrion is the latest broker to upgrade the shares and has put them on an 18-month price target of €15.40.
Elan was €2.18 higher on €53.50 in Dublin and, in New York, where almost a million shares had traded by midday, the shares were up more than $1 on $47.50.
There was chunky trading in leading financial and industrial shares, but gains were few. AIB was unchanged on €10.90 and Bank of Ireland lost five cents to €9.23 on turnover of almost four million shares, while CRH drifted nine cents lower to €17.71.
Irish Life & Permanent and Smurfit were exceptions - Irish Life was 25 cents higher on €10.75 while Smurfit gained 11 cents to €2.00.
Among second-liners, Galen was 35 cents higher on €11.75, Greencore added nine cents to €2.34 while Irish Continental continued its recovery and was 45 cents higher on €5.55.
The main highlight among the technology shares was a near-15 per cent gain by SmartForce in early trading and the shares were trading $2.40 higher on $18.95 (€21.04).
