Oil worries weigh on Ryanair as shares reach low

Market Report: Dublin stocks took a bit of a breather at the end of the week in the absence of notable company news.

The ISEQ, in common with the rest of Europe's markets, slipped back slightly, closing down 42 points or 0.74 per cent yesterday.

Ryanair again came under selling pressure as oil worries dominated the airline sector. The stock gave up another 10 cents or 2.6 per cent to a 12-month low of €3.71 in Dublin. Almost four million shares were traded in Dublin and another eight million in London.

The low-cost airline has given up 8.5 per cent of its market value this week, slightly better than its performance in the US, where sellers have knocked 11.5 per cent off the value of its ADRs.

One company going the other way was Eircom, which managed to breach its flotation price of €1.55 for the first time. The share traded as high as €1.57 yesterday, in fairly light volume, before closing the week on €1.56, up two cents on the day.

The financials were quiet with AIB, in particular, apparently pausing for breath after running from €13.46 at the end of last week to €13.89 last Tuesday. It closed seven cents off yesterday on €13.75.

Bank of Ireland came under a little bit of pressure, according to dealers, after jumping to €11.03 early in the day. It ended two cents firmer on €10.94.

Anglo Irish Bank was six cents weaker on €15, while Irish Life & Permanent also lost ground, slipping eight cents to €13.07.

C&C, which reports its maiden interim results as a listed company on Monday, closed unchanged on €2.30, having hit €2.34 earlier in the day.

Independent News & Media was again one of the stocks most in demand, with over two million shares changing hands in a tight range. It closed one cent weaker at €2.17.

Elan had another volatile day, dropping 5.4 per cent in Dublin to close on €17.66. At the close of Dublin trading, it was over 6 per cent weaker in New York.