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Ryanair shares boosted as US value fund takes stake

Picking up shares, US-based Harris Associates now has a 3.07% stake in the European budget airline
ryanair planes
Ryanair shares rose 2.85%

Ryanair Holdings PLC (LON:RYA) shares gained nearly 3% in early Tuesday deals as it was revealed that a US-based value investment fund acquired a noteworthy stake in the company.

The budget airline, in a stock market statement, informed investors that Harris Associates had taken a 3.07% stake, with the 3% reporting threshold being crossed last week.

READ: Ryanair shares jump as it reaches agreement with Irish pilots

It marks something of an endorsement for the ailing airline, coming as Ryanair has moved closer to resolving disputes with its workforce - a deal was reached with Irish pilots last week (albeit it has yet to be voted through by the union) – and as the airline’s shares are down some 30% for the past year.

This morning, Ryanair shares were up 40 cents or 2.85% to trade at €14.28.

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