Ryanair creates biggest stir on flat day

The continuing adventures of Ryanair chief executive Michael O'Leary created the biggest stir on what was a generally flat day…

The continuing adventures of Ryanair chief executive Michael O'Leary created the biggest stir on what was a generally flat day for markets.

As the Aer Lingus employee share ownership trust voted to reject Ryanair's share offer by the predictably overwhelming majority of 97 per cent, the Ryanair boss sold 2.5 million shares in his own company, earning himself a sum of €24.3 million in the process.

However, "due to a formating issue", the sale of the shares appeared as a purchase of shares on some financial news wires, with the result that there was a temporary flurry of interest in the stock. After all the excitement, the stock finished up two cent at €9.74.

Elsewhere, there was significant volume of almost eight million shares traded in exploration company Kenmare Resources, which advanced two cent to close at 61 cent. Dealers attributed the interest to well-received recent media comments by managing director Michael Carvill in relation to its ilmenite mining project in Mozambique.

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Healthcare services company United Drug yesterday posted a 14 per cent rise in pre-tax profits to €52.2 million, in line with or slightly above expectations. However with nothing of note to drive the share price, it was off seven cent on the day, finishing at €3.70.

Among the financial stocks, AIB had the best day, climbing 14 cent to €22. Bank of Ireland fell by more than 1 per cent to €16.30, a fall of 18 cent, while Anglo Irish Bank shed five cent to close at €14.35.

Irish Life & Permanent dropped 10 cent - half a percentage point - to finish on a round €20.

Building materials group CRH had another solid day, adding 35 cent to its share price, which closed up 1.2 per cent at €29.53.

Laura Slattery

Laura Slattery

Laura Slattery is an Irish Times journalist writing about media, advertising and other business topics