Dublin report: Volumes were relatively subdued in the Irish market yesterday as even Aer Lingus' official market debut failed to excite investors at the start of the fourth quarter.

The national airline itself had its first down day - the stock, which was officially admitted to the ISEQ yesterday, has been trading on the grey market since last Wednesday, although this was in line with the rest of the market and wasn't of concern to traders. The consensus among Dublin dealers is that the stock has made a very positive start to its life as a public company.

The shares ended the day down 4 cent, or 1.6 per cent, at €2.44. About 3 million units changed hands in Dublin, well below the high number that traded last week, though dealers said this was normal for a new market entrant.

Fellow airline Ryanair also slipped yesterday, a move one dealer described as disappointing given the positive earnings upgrades give by the company at its investor day in New York at the end of last week. The stock did rally on Friday, though yesterday fell back 4 cent, or half a per cent, to close at €8.40.

Paddy Power was deemed guilty by association with the gaming sector yesterday as legislation in the US banning online gambling was provisionally passed. Some of the company's rivals in the UK who have online businesses in the US took a beating as it emerged they were to be stopped from doing business in the US, and Paddy Power was knocked down too, although it doesn't operate in the region.

Some onlookers said the ruling may increase in competition in the European gambling industry. Paddy Power shares fell 25 cent, or 1.7 per cent, to €14.55.

Grafton ended the day up 10 cent, equal to almost 1 per cent, at €10.50, while food group Greencore added 4 cent, or 1 per cent, to end the day at €3.94.