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ISEQ shrugs off EU-wide Cyprus concerns

Tuesday, March 19 17:36:23

The ISEQ made strong headway today, bucking the trend across Europe on fears over the Cyprus bailout conditions and as Ryanair shares shot up thanks to a deal with Boeing.

The ISEQ was up 30.57 points to 3,936.60.

European shares fell in choppy trade by midday today as investors tried to hold their nerve after Cyprus's bailout package stoked anxiety about the euro zone's debt crisis. The island's stock exchange suspended trade today and Wednesday and banks remained shut as its parliament looked ready to reject the unprecedented levy on bank accounts, heightening the risk of an eventual financial collapse.

At home, shares in Ryanair climbed 25c to E6.05 after it confirmed that it has signed a deal with Boeing to buy 175 new Next Generation 737-800 aircraft. The airline said that when finalised, the deal will be worth nearly $15.6 billion at current list prices. However, it is believed that Ryanair will pay much less for the planes. Ryanair said the purchase will allow its airline to grow to more than 400 airplanes, serving more than 100 million passengers a year across Europe by the time all the planes are delivered in 2018. It added that the deal is the largest ever aircraft order from a European airline. The agreement was signed by Ryanair chief executive Michael O'Leary and Boeing Commercial Airplanes President and CEO Ray Conner in New York today. About 75 of these new aircraft will replace some of Ryanair's existing fleet of 305 Boeing 737s, but Ryanair said the remainder will drive new growth of its fleet of ''young, highly efficient airplanes''.

UTV reported its FY12 results this morning, in line with expectations. Group revenue of £120m and operating profit of £23.7m, compared to our forecasts of £121m and £23.6m respectively. Adj. EPS of 16.9p was 2pc ahead of our forecasts while encouragingly the DPS of 7p was 6pc ahead of our 6.6p forecast. UTV's shares were down 6c at E1.70.