Passenger increases give Ryanair a tailwind

DUBLIN REPORT:Iseq: 2,930.73 (–34.39) Settlement: April 14th

IT WAS the calm before the earnings reporting season on the Iseq and other stock markets yesterday, with few stocks attracting anything other than low trading volumes – Irish Life Permanent and Ryanair were the only exceptions to the rule.

ILP saw three million shares change hands on the Dublin market, with a modicum of support from buyers helping it close up half a cent at 14 cent.

AIB, which publishes its full-year results for 2010 tomorrow, lost 3 cents to close at 25 cents, on light volume, while Bank of Ireland, which has its turn in the full-year earnings spotlight on Thursday, also lost 3 cents, finishing at 26 cents.

Neither set of full-year accounts is expected to reveal much, given several of the key figures on loan losses were included in the Central Bank’s stress test report.

As “sell” orders lingered on the market following Friday’s weak finish to US markets, the mood was one of hesitancy and scepticism. Caution pervaded European markets as a whole as investors awaited the beginning of the US corporate reporting season.

Ryanair closed at €3.36, up 1 cent on the day, as 2.7 million shares traded in Dublin. This followed the release of industry data from airports operator BAA, which said that passenger traffic was up 0.9 per cent in March, with Heathrow traffic up 2.3 per cent.

Building materials group CRH, the Iseq’s biggest stock, closed down 2.3 per cent at €16.20, shedding 39 cents. Industrial holdings group DCC was also weak, falling 1.75 per cent to €22.40, down 40 cents.

Paddy Power was one of the few stocks to climb on the day, advancing 25 cents to €31. Analysts noted that the company was one of a number of bookmakers to report relief that the favourite did not win the Grand National at Aintree at the weekend.