Wednesday, October 10 12:58:10
The main Dublin shares index fell for the fourth straight day today on frustration over the eurozone debt crisis and amid fears for the global economy.
By 12:45, the ISEQ was down 6.10 points to 3,261.06.
European shares fell for the third day running and the euro came under fresh pressure along with Spanish and Italian bonds as economic anxiety was compounded by stuttering progress in the euro zone's battle against its debt crisis.
Providence Resources has reported a study by RPS Energy that modelled the recovery factor for the in-place resources established by drilling and seismic operations on the Barryroe structure, which is located in the Celtic Sea offshore Ireland. This study indicated that a recovery range of 17-43pc was possible. One particular scenario involving a total of 41 horizontal producers and 22 horizontal water injectors over a 25-year life recovered 31pc of the oil in place. Providence has an 80pc stake in the licence and is operator. Shares in Providence jumped 25c to E8.75.
Shares in Ryanair rose 3c to E4.56. Ryanair, which makes up c.70pc of Stansted's traffic, has withdrawn from the Stansted sale process. According the statement, it has been advised by BAA Stansted's owner, Ferrovial, that it will exclude Ryanair (and any Ryanair-related consortium) from the Stansted sale process. Ryanair has therefore written to all investors/consortia with which it has held discussions to advise them that Ryanair will not participate in the sale process or seek a minority stake.