DUBLIN REPORT: Iseq: 2,927.19 (+27.87) Settlement date: December 23rdNEWS IN relation to Ryanair and Independent News & Media sparked relatively strong trade in their shares on the Dublin Stock Exchange yesterday.
The airline said negotiations it was having with Boeing for the purchase of 200 aircraft for delivery in the period 2013 to 2016 had broken down and it would not be going ahead with the purchases. Ryanair chief executive Michael O’Leary said the development might allow surplus cash available during the period concerned to be made available to shareholders. The stock ended the day up 5.77 per cent, at €3.28. Shares in its Irish competitor, Aer Lingus, fell 5.7 per cent to €0.52.
In relation to IN&M, the market reacted to confirmation it was in exclusive negotiations with former KGB chief Alexander Lebedev, owner of the Evening Standard, on the potential sale of the London Independent and its sister title, the Independent on Sunday. The shares ended the day up 18.18 per cent at €0.13.
CRH had a positive day, though it ended up just 0.22 per cent at €18.35. At one stage the share price rose to €18.70 on the back of movement in the value of the dollar.
The two biggest banks underperformed their European peers, where bank stocks saw an average rise of about 1.5 to 2 per cent. Traders said the onward negative trading in the Irish shares was driven by a fear of nationalisation.
AIB ended down 7.11 per cent at €1.08. Bank of Ireland was down 3.83 per cent at €1.17. Irish Life Permanent fell 1.6 per cent to €3.07.
A number of stocks had significant rises and falls in share prices, though with less volume involved. Blackrock International saw its share price fall 18.18 per cent, the same percentage INM shares rose in value. Blackrock finished at €0.04. CC rose 5 per cent to €2.90.
