Aer Lingus and British Airways-owner IAG has lifted a restriction on non-EU investors' ability to buy its stock.

The move helped to boost its share price by more than 5% today. 

Last February, IAG, which also owns Iberia and Vueling, set the maximum level for ownership of its shares by non-Europeans at 47.5% in a bid to maintain its status as a European-owned airline. 

IAG said today that non-EU ownership had dropped to 39.5% and as such it was removing the cap which had been in effect for 11 months. 

Shares in the company rose over 5 today to reach their highest level since September 2018. 

Bernstein analyst Daniel Roeska said the change meant a large overhang had now gone. "We view this news very positively," he said.