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ISEQ up as Ryanair shares surge 7pc

Monday, February 03 12:54:12

The ISEQ rose steadily this morning, led by a near-7pc jump in Ryanair shares after it posted some strong indicators for future trading.

By 12:30, the ISEQ had gained 36.83 points to 4,689.13.

Shares in Ryanair rose by 38c to E6.70 after it reported strong forward bookings and an easing of intense price competition among European airlines today, raising hopes it can quickly regain height with a new customer-friendly image after a profit warning spooked markets last year. Shares in the Irish airline, Europe's largest by passenger numbers, opened up 6 percent after it said it was already seeing improved demand for tickets following the changes to how it treats customers announced late last year. Ryanair lost 35 million euros after tax in the three months to Dec. 31, its worst performance in its seasonally weak third quarter since 2008. But the loss was in line with the warning last year and it reaffirmed the airline's forecast for a profit of between 500 million euros and 520 million for the full year ending in March. "Market pricing remains soft but is no longer declining," Chief Executive Michael O'Leary said. Average fares will fall 8 percent in the first three months of 2013 rather than the 10 percent previously predicted," he said.

Elsewhere, shares in Aryzta fell 73c to E57.75. On January 30th, a new bakery cafe was opened in Los Angeles by La Brea, the US artisan-style bread subsidiary of Aryzta. It is up the street from where La Brea started. The cafe bakery Campanile, run by Nancy Silverton and her husband, closed in 2012. Nancy Silverton, who has remained an advisor since La Brea was acquired in 2001 by IAWS (which merged with Hiestand to form Aryzta), cut the ribbon on the new bakery cafe. La Brea is iconic in southern California with respect to its breads and because of contribution to the re-development of American cooking, Davy noted.