Ryanair up 4% but rating downgraded

RYANAIR shares bounced back yesterday after falling 23% on Monday when it said first-quarter profit slumped 85%.

The airline closed up 4% in Dublin yesterday adding on 10c to €2.60.

However, on back of the results and soaring oil prices the airline was cut from “buy” to “reduce” by Merrion stockbrokers.