Ryanair stock rises after 7m buyback

RYANAIR says it bought back seven million shares yesterday — bucking the global sell-off that sent the Stoxx Europe 600 Index to its steepest drop since May 2010.

Ryanair said it bought the shares for €3.07 apiece, or €21.5 million in total. The stock closed 0.1% higher following the purchase and was one of only 18 to show a gain on the 600-member index.

Investors may also have bought stock after the company fell for eight straight sessions to close at a 14-month low on August 3, triggering purchases based on technical measures.