ISEQ sheds 29.5 points
Michael O'Leary saw his no-frills airline boosted on the ISEQ index by 16c to €8.71 on foot of news that he is to publish his document offer to Aer Lingus share holders on Monday.
Ryanair was one of the few companies to experience a move into positive territory on the ISEQ today.
Aer Lingus slipped by 2c to €2.86 as Mr O'Leary suggested he would concentrate job cuts in Aer Lingus on its catering and clerical divisions if he buys the airline.
He also said he will not increase the offer of €2.80 per share for Aer Lingus but will offer a tax efficient way for members of the Aer Lingus employee share ownership trust (ESOT), which owns 9.6% with an option on a further 2.9%, to take the money without paying so much tax.
Investors seem to be reacting to the general mood of uncertainty as the ISEQ itself dropped 29.50 to 8501.66.
There seemed to be a general air of pessimism across the board as all the major financial institutions suffered decreases with AIB plummeting by 26c to €21, Bank of Ireland dropped 10c to €15.58. IL & P slipped by 5c to €19.15 while Anglo Irish Bank managed a short fall of just 1c to €13.98.
