Ryanair surges on market share gains as Credit Suisse rises ahead of strategy update

Shares of Ryanair Holdings rose on Monday as investors looked beyond pessimistic forecasts that the budget airline would post a worse loss for the fiscal year than analysts had expected.

Ryan Air
RYA,
+ 0.84%

Ray,
-0.46%

Shares rose 2% as the airline said it reported a profit of 225 million euros in the second quarter of its fiscal year, but will lose between 100 million euros and 200 million euros for the year. Ryanair had previously booked a small loss, which analysts interpreted as €64 million in red ink.

Analysts at Stifel note that revenue was 42% lower than pre-crisis levels, but passenger numbers were down by only 24%, indicating the airline’s desire to increase its market share. Stifel analysts estimate a doubling of profits and free cash flow by fiscal year 2025 despite declining sustainable returns.

Elsewhere in Europe, Credit Suisse
CSGN,
+ 5.49%

CS,
+ 6.40%

Led a rally in the banking sector, gaining 5%. The troubled Swiss bank, which has been hit by Archegos losses as well as being embroiled in a corrupt loan to Mozambique, Grencelle’s demise and an espionage case, is set to hold a strategic day Thursday.

Credit Suisse shares are down 12% this year.

Barclays
park,
-0.87%

Witnessed modest losses after the announcement Resignation of its CEO, Jes Staley, because of his relationship with sex offender Jeffrey Epstein.

The Stoxx Europe 600
xxxp,
+ 0.54%

It rose 0.5% to 477.98.

One of the major regional indicators is the German DAX
Dax,
+ 0.60%

Gaining 0.6%, France’s CAC 40
PX1,
+ 0.85%

It rose 0.7% and Britain’s FTSE 100
UKX,
+ 0.70%

It increased 0.4%.

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