Monday 16 July 2018

Ryanair snaps up €18m of own shares under new buyback scheme

Stock photo: REUTERS
Stock photo: REUTERS
John Mulligan

John Mulligan

Ryanair has rapidly engaged its new €750m share buyback programme, having acquired almost €18m worth of its own shares under the scheme since Tuesday.

It only unveiled the new buyback programme last Monday, when it released third-quarter results.

The company, headed by chief executive Michael O'Leary, said this morning that its brokers bought 595,503 shares in the airline yesterday at an average price of €15.93 each, for a total of about €9.48m.

On Wednesday, it bought back 275,166 of its own shares at an average price of €15.98 per share, and a total of about €4.4m.

Tuesday saw its brokers buy back 255,811 shares at an average price of €15.93 for a total of €4m.

The airline’s shares are trading down about 0.4pc this morning in Dublin, at €15.78, giving it a market capitalisation of €18.7bn.

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