Dublin market wrap for Wednesday, 12 November 2025
DUBLIN — Nov 12, 2025. Ireland’s ISEQ All-Share Index nudged higher, building on last week’s breakout to fresh territory. The benchmark closed at 12,518.08, up 0.3% on Wednesday after a 1.5% jump on Tuesday, extending a November rally powered by financials and travel. The index’s advance keeps it within sight of its recent peak and consolidates gains set earlier this month. [1]
Why it matters: The ISEQ’s autumn surge has come even as Dublin has lost several heavyweight listings in the past two years, underscoring the market’s resilience and the outsized role now played by domestically focused lenders and select industrials. On November 4, the ISEQ closed at a then-record 12,122.10, a milestone since surpassed in the days that followed. [2]
Banks in the driver’s seat
- AIB Group has been the standout of 2025, buoyed by robust profits, a revived interim dividend and the near-complete withdrawal of the Irish state as a shareholder. AIB shares are up about 63% year-on-year as of Tuesday’s close, and the bank paid its interim dividend on 11 November 2025 (record date 22 Aug). [3]
- Bank of Ireland has also surged, with the stock up roughly 75% over 12 months as of Tuesday, supported by strong capital generation and ongoing shareholder distributions. [4]
The government’s retreat from the sector reached a landmark on June 17, when the state’s remaining 2.06% stake in AIB was sold, reducing its holding to zero and marking the end of a 15‑year post‑crisis presence in the bank’s register. [5]
Airlines keep the tailwind
Travel demand has helped sentiment on Irish equities, with Ryanair reporting a 42% jump in half‑year net profit to €2.54bn (H1 FY26) and declaring an €0.193 interim dividend per share payable in February 2026. The carrier said H1 traffic rose 3% to 119m passengers, with fares up 13%. [6]
A slimmer, more domestic Dublin market
The rally comes despite a thinning of Dublin’s large‑cap roster:
- Flutter Entertainment exited Euronext Dublin on Jan 29, 2024 and moved its primary listing to the NYSE on May 31, 2024, part of a broader shift by Irish multinationals toward U.S. capital markets. [7]
- Smurfit Kappa completed its combination with WestRock, with Smurfit WestRock debuting on the NYSE and legacy Smurfit Kappa shares delisted in Dublin on July 8, 2024. [8]
- CRH delisted from Euronext Dublin in September 2023, cementing its U.S. pivot. [9]
With more of Ireland’s global champions now trading primarily in New York, Euronext Dublin has leaned into its role as the group’s centre of excellence for debt and funds listings—even as the equities tape remains liquid for domestic names. [10]
Deal flow and corporate moves to watch
- Permanent TSB: The state‑controlled lender (57.4% owned by the government) has begun a formal sale process, a step that could further reshape the banking landscape and the ISEQ’s sector mix. [11]
- AIB capital returns: After a strong earnings year and directed buyback program earlier in 2025, investors are watching for the next phase of distributions under the bank’s stated 40–60% payout policy. [12]
The market picture—at a glance
- Index: ISEQ All-Share 12,518.08 (+0.3% Wednesday; +1.5% Tuesday). [13]
- Leaders: Domestic banks remain the prime engine of 2025 gains. AIB (~+63% YoY) and Bank of Ireland(~+75% YoY) carry heavy index weight. [14]
- Earnings tone: Ryanair H1 beat keeps travel momentum intact. Dividend declared for late February 2026 adds income support. [15]
- Structure: Dublin’s equity universe is leaner but focused, with exchanges activity increasingly centred on debt and funds. [16]
Bottom line
Ireland’s stock market is ending 2025 on the front foot. Even as some of its global titans now trade in New York, the ISEQ’s climb toward new highs reflects a market recalibrated around profitable domestic banks and resilient consumer and industrial names, with travel an added kicker. The state’s full exit from AIB, an impending decision path for PTSB, and a steady earnings cadence from Ryanair and others give Dublin investors a clear set of catalysts into year‑end. [17]
Reporting based on prices and disclosures available through close of trade on Wednesday, 12 November 2025.
References
1. www.investing.com, 2. www.irishtimes.com, 3. markets.ft.com, 4. markets.ft.com, 5. www.gov.ie, 6. investor.ryanair.com, 7. www.flutter.com, 8. www.westrock.com, 9. www.crh.com, 10. www.euronext.com, 11. www.ptsb.ie, 12. www.londonstockexchange.com, 13. www.investing.com, 14. markets.ft.com, 15. investor.ryanair.com, 16. www.euronext.com, 17. www.gov.ie
