Ryanair shares rise on profits pledge

Shares in Ryanair rose 5.5% as the airline’s pledge to win more passengers and to hit its earnings target reassured investors who have been spooked by the extraordinary turbulence facing the industry.

Airline shares have slumped this year as terror attacks, European air traffic control and airport strikes, and the slump in the value of sterling against the euro and the dollar following the vote last month by the UK to exit the EU, have shaken many airlines.

Shares in IAG — which owns Aer Lingus, British Airways, and Iberia — nosedived 33% this year, while easyJet, which derives half its revenues from the UK, has lost a third of its value since the Brexit vote.