Market report: Ryanair was the star performer on the Irish stock market yesterday, gaining more than 6 per cent at one stage in the wake of better-than-expected full-year results.

The shares gave up some ground in the afternoon but still closed 21 cent, or 3.4 per cent, higher on the day at €6.46, after the airline delivered a 19 per cent increase in both net profits and passenger numbers.

Other leading stocks did not fare so well as the Iseq lost 0.8 per cent of its value.

AIB shed 30 cent, or 1.8 per cent, to €16.85, although analysts said the closing price should still be sufficient for it to gain entry to the Dow Jones Euro Stoxx 50 index if a place becomes available next month.

Other banking stocks were also in the red, with Anglo Irish Bank shedding 20 cent, or 2 per cent, to €9.50 while Bank of Ireland lost 12 cent, or close to 1 per cent of its value, to finish at €12.30.

There was further index-related activity in the market yesterday as a number of stocks benefited from their inclusion in the MSCI Ireland index. More than six million shares in IAWS were dealt as the stock added 10 cent, or 0.8 per cent, to €12.20.

Paddy Power also gained from its inclusion, closing 31 cent or 2.3 per cent higher at €13.98 in volume of more than two million.

Grafton, whose weighting in the index has been increased, added 20 cent, or 2.2 per cent, to €9.43. In contrast, nearly 69 million shares in Waterford Wedgwood were dealt as it lost close to 9 per cent of its value as it departed the index.

Among the smaller stocks, Unidare shares surged by 61 cent, or 18.5 per cent, to €3.90 as the company announced the disposal of its Dutch heating business, Daalderop, and a €2.40 per share payout to shareholders.

Shares in Viridian, which is to return £100 million (€147 million) to shareholders through the issue of one B share redeemable at 73 pence for every ordinary share held, were up by 10 cent to €10.80.

Settlement Day: June 3rd