Ryanair stock soars in morning trade
There was a lacklustre start for the ISEQ this morning, as the index fell 6.87 points to 6453.42.
Ryanair bucked the trend however, by surging 51 cent to €6.39 after the airline unveiled a 26% fall in third-quarter net profits to €35m (£24m) after it was affected by the earlier-than-scheduled release of maintenance provisions, record fuel prices and intense competition.
During the quarter, maintenance provisions of €4.5m (net of tax) were released to the profit and loss due to the earlier-than-due return of six leased 737-300’s. As a result, Q3 net profit declined by 26% and the Q3 profit margin after tax declined by 7 points to 12%.
Share in mining company Ormonde stayed level at 15 cent after the company announced the acquisition of several advanced gold properties in the Salamanca area of western Spain.
Most financial stocks saw downward trends, bar Irish Life and Permanent, whose stock rose eight cent to €14.08.
