Thursday, January 31 15:00:08
The ISEQ failed to make any real headway today, weighed down by weak economic news from the US and as Ryanair shares fell following an EU court ruling.
By 14:45, the index was up 3.77 points to 3,552.09.
Ryanair shares fell 6c to E5.53 after it was ordered by Europe's top court to compensate passengers delayed by a volcanic ash cloud in Iceland in a ruling that could expose other airlines to similar claims from disgruntled travellers. European airspace was shut down for six days when the Eyjafjallajokull volcano erupted in April 2010, affecting more than 10 million people and costing airlines $1.7 billion. The Luxembourg-based European Union Court of Justice (ECJ) ruled today that EU rules required airlines to compensate travellers for delays caused by unforeseen events. "An air carrier must provide care to passengers whose flight has been cancelled due to extraordinary circumstances such as the closure of airspace following the eruption of the Eyjafjallajokull volcano," the court said.
Shares in Kerry Group climbed 20c to E38.82. Cranswick attained a 7pc volume growth in the three months to end December, with particularly strong growth in bacon, sausages and cooked meats. The company noted increasing input costs, especially UK pig prices but said these were offset by efficiency improvements and pricing. "Cranswick is a peer of Kerry Foods in the UK and the positive lfl sales growth there in sausages, where Kerry is market leader, is a positive indicator for the Irish company. Kerry has also highlighted the higher input costs (estimated by Kerry at +4pc) as an issue to be dealt with this year. In the beverage sector, C&C's recent IMS showed renewed growth in Ireland, while its UK cider sales continued to fall, albeit at a lower pace in its Q3," said Goodbody Stockbrokers.