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

Ryanair Holdings shares rose on Monday as investors looked past a pessimistic outlook that will see the budget airline recording a worse loss for the fiscal year than analysts anticipated.

Ryanair
RYA,
+1.11%

RYAAY,
+0.65%

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

Analysts at Stifel point out that revenue was 42% below pre-crisis levels but passenger numbers are only down 24%, showing the airline’s willingness to build market share. The Stifel analysts estimate a doubling of profits and free cash flow by fiscal 2025 despite a drop in sustainable yields.

Elsewhere in Europe, Credit Suisse
CSGN,
+5.17%

CS,
+6.59%

led a rally in the banking sector, gaining 5%. The troubled Swiss bank, hit by losses from Archegos as well as its involvement in a corrupt loan to Mozambique, the demise of Greensill and a spying affair, is due to hold a strategy day on Thursday.

Credit Suisse shares have dropped 12% this year.

Barclays
BARC,
-1.33%

saw modest losses after announcing the resignation of its chief executive, Jes Staley, over his ties to sex felon Jeffrey Epstein.

The Stoxx Europe 600
SXXP,
+0.50%

rose 0.5% to 477.98.

Of the major regional indexes, the German DAX
DAX,
+0.56%

gained 0.6%, the French CAC 40
PX1,
+0.76%

increased 0.7% and the U.K. FTSE 100
UKX,
+0.60%

increased 0.4%.

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