Ryanair extends five-day winning streak

Published: January 26 2023, 03:06 GMT+0

Ryanair extends five-day winning streak

Yesterday at a glance: pronounced bullish sentiment in the market helped the low-cost airline to make a notable 1.5% gain yesterday, rising $1.43 and ultimately closing at $96.53.

Ryanair's uptick comes amid disappointing United States macroeconomic data released during the session – Crude Oil Inventories in United States fell short of market expectations (971,000) with a reading of 533,000, continuing the decline from the previous figure of 8.41 million.

At the same time, United States 5-Year Note Auction released yesterday at 18:00 UTC with a figure of 3.53, while the previous figure was 3.973. United States Cushing Crude Oil Inventories released yesterday at 15:30 UTC with a figure of 4.27 million, while the previous figure was 3.65 million.

A look at other industrials stocks also showed bullish price action as Lockheed Martin was up 1.1%.

While Ryanair was bullish yesterday, the following industrials stocks underperformed: United Parcel Service lost 1.41% yesterday and closed at $177.46. Union Pacific went down 1.51%, closed at $203.18.

Yesterday's gains have given market bulls further impetus to expect strong macro data going forward, such as United States Pending Home Sales is projected to outperform its last figure with -0.9%. It previously stood at -4%; data will be released tomorrow at 15:00 UTC.

Also worthy of note, United States Core Durable Goods Orders expected to decline to -0.2% while its preceding data was 0.1%, data will be available today at 13:30 UTC.

Furthermore, the market is looking at United States Core PCE Price Index (MoM) (Dec) is expected tomorrow at 13:30 UTC.

The stock has been trending positively for about 3 months. The low-cost airline has managed to gain 27.62% so far this year despite trading at lows around $56.89 previously.