Settlement Day: November 5th:  Ryanair was the main focus of attention on the Irish stock market yesterday as shares in the airline soared by nearly 16 per cent after better-than-expected first-half results.

The stock closed 64 cent, or 15.9 per cent higher, at €4.67 after delivering a forecast-beating 18 per cent rise in profits in the first half of the year. Investors were also encouraged by comments from chief executive Mr Michael O'Leary that he expected a net profit of more than €200 million for the full year, better than many analysts were expecting.

There was heavy volume in the shares, with some 11 million changing hands in Dublin while 25 million shares, or around five times the daily average, were traded in London. Dealers said the results had caught a lot of investors with "short" positions, resulting in a severe bear squeeze.

Overall, the Irish market rose by nearly 1 per cent, helped by a good performance overseas on foot of lower oil prices and the prospect of an imminent conclusion to the long drawn-out election battle in the US.

Bank of Ireland was the most active of the financial shares, giving up eight cent to €10.79, as nearly three million shares traded. Dealers said there was some concern about the loss by its asset management division of another significant account in the US.

"For every €1 billion in funds they lose, it wipes €4 million off profitability," one trader noted.

Elan shares added 58 cent, or 2.85 per cent, to €20.95 in Dublin. The company is due to set out details of how it plans to account for its multiple sclerosis drug, Antegren, in the event of it receiving regulatory approval.

Warner Chilcott shares closed 1.5 pence lower at 863.5 pence sterling in London as they continued to hover near the current offer price of 862 pence.

Other movers yesterday included IAWS, up 17 cent to €10.85, and DCC, off 23 cent to €15.60 ahead of next week's interim results. Grafton also continued to move ahead, adding a further 14 cent to €7.31.