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Investing

Austerity Vote Creates All Green in Irish Stocks (AIB, IRE, IRL, RYAAY, ELN, WCRX)

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By Jon C. Ogg Updated Published
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Allied Irish Banks plc (NYSE: AIB) and The Bank of Ireland (NYSE: IRE) are soaring on ahead of an expected approval vote for the Irish budget full of austerity measures and full of spending cuts.

The majority vote is expected, but it is still going to be a close call.  If approved, Ireland will be able to access a rescue package set at 85 billion euros, or almost $113 billion.  The package was put together by the European Union and by the International Monetary Fund.

The New Ireland Fund, Inc. (NYSE: IRL) has not yet traded but it closed at $6.59 and it has a 52-week range of $5.55 to $7.91.

Allied Irish Banks plc (NYSE: AIB) is up 14% at $1.19 and the Bank of Ireland is up 17% at $2.53.

Ryanair Holdings plc (NASDAQ: RYAAY) is up 1.8% at $31.10, Elan Corporation plc (NYSE: ELN) is up 3.3% at $5.78, and Warner Chilcott plc (NASDAQ: WCRX) is up 4.1% at $20.75.

JON C. OGG

Photo of Jon C. Ogg
About the Author Jon C. Ogg →

Jon Ogg has been a financial news analyst since 1997. Mr. Ogg set up one of the first audio squawk box services for traders called TTN, which he sold in 2003. He has previously worked as a licensed broker to some of the top U.S. and E.U. financial institutions, managed capital, and has raised private capital at the seed and venture stage. He has lived in Copenhagen, Denmark, as well as New York and Chicago, and he now lives in Houston, Texas. Jon received a Bachelor of Business Administration in finance at University of Houston in 1992. www.247wallst.com.

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