Settlement Day - June 12th: Shares on the Dublin market closed lower with dealers reporting relatively quiet trading conditions.

Bank of Ireland finally ran out of steam yesterday as investors took advantage of the recent strong run in the shares following the departure of its chief executive, Mr Michael Soden.

Bank of Ireland shares settled back to €10.51, down 12 cent, as investors took their profits. In the week following Mr Soden's resignation, the shares had risen almost 8 per cent, boosted partly by general upward movement in the sector and the widely-circulating rumour that Mr Goggin would be appointed as the next chief executive.

The shares had risen to a high of €10.60 before the bank announced the appointment of Mr Goggin to the top slot. Dealers said his appointment had been priced in at that level and had begun to come back.

AIB shares edged higher, gaining two cent to end at €12.25. Anglo Irish Bank, which had been left behind in the latest rally, took off, gaining 22 cent to €13.32.

Irish Life & Permanent was on a downward trend and closed 17 cent weaker at €12.68.

In the food sector, Glanbia went four cent higher to €2.40, Kerry shed 10 cent to €17.05, while IAWS gained 22 cent to €9.75.

Grafton moved ahead adding two cent to €5.97, while Heiton also added two cent to €5.07.

CRH made progress despite the weaker tone with the shares adding 22 cent to €17.45. Elan was 50 cent lower at €19.

Eircom finished the session down two cent at €1.50.

Ryanair shares were down five cent at €4.48, as they suffered from the downgrades handed out to EasyJet in the UK amidst continuing concerns about the cost of fuel and the strength of demand for low-fare flights.

On Monday alone, EasyJet lost almost 20 per cent of its value.

Among the other stocks trading hands, Jurys Doyle ended at €9.90, down six cent.