Iseq index falls 0.8% despite Ryanair results rally
Ryanair was the standout performer on the day, climbing 5.3 per cent in Dublin to €16.01 per share. Photograph: PA Media
After publishing what traders in Dublin described as “essentially blowout” numbers for the six-month period to the end of September 30th, Ryanair was the standout performer on the day, climbing 5.3 per cent to €16.01 per share. Profits at the airline rose 59 per cent to €2.18 billion, ahead of previous expectations.
AIB also fell by 3 per cent to close at €8.34 per share amid reports that the Government could look to offload a further 5 per cent stake in the lender as early as this week.European equities were subdued after last week’s rally with the blue-chip Stoxx 50 index down by close to 0.4 per cent and the pan-European Stoxx 600 essentially flat on the session.
Aerospace and defence stocks rose 0.7 per cent boosted by a 4 per cent gain in shares of Melrose Industries after the aerospace supplier said GKN Aerospace Engines business expanded its partnership with GE Aerospace. All eyes will be on the UK GDP data this week, which is expected to show a contraction of 0.1 per cent on a monthly basis in September, compared with growth of 0.2 per cent a month ago, according to a Reuters poll of economists.US equities held on to last week’s gains with traders betting the Federal Reserve will start cutting rates next year. After notching its best week of 2023, the S&P 500 edged 0.
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