ISEQ feeling effects of airline stand-off

The ISEQ seems to be feeling the effects of the Ryanair/Aer Lingus stand-off as the index dropped 7.19 points by close this evening bringing it to 8494.47.

Ryanair has called on the entire Aer Lingus Board to excuse themselves on the grounds that they were all appointed by the Minister for Transport.

This latest salvo is in response to the Aer Lingus stock exchange announcement today, which in its notes said that directors Francis Hackett and Michael Johns confirmed that they are not participating in the board's consideration of the offer as they were appointed by the Transport Minister.

Ryanair's statement read: "As this is the case, the balance of the Aer Lingus board should follow suit."

Aer Lingus shares dipped slightly in the face of such uncertainty dropping 3c to €2.83 by close. Ryanair however, charged ahead by 11c to €8.82.

Elsewhere things began to get gloomier for AIB as the day went on. The bank's shares plummeted 45c to €20.68.

Other losers on the financial front today; IL&P fell 20c to €18.95 while Anglo Irish Bank managed to shed just 2c to €13.88.

Bank of Ireland on the other hand climbed 15c to €15.60 as it closed the day on a more positive note.