Market report: Ryanair was the main talking point on the Irish stock market yesterday, as the shares lost close to 4 per cent of their value. A number of brokers downgraded the stock, amid growing concern about the impact of high oil prices on the airline once its hedging expires in March. This drove the shares down by 32 cent, or 3.98 per cent, to €7.73.

Some eight million shares were traded in Dublin, with close to 12 million changing hands in London, as investors exited the stock ahead of third-quarter results next week.

Elan was another feature on the day as the shares climbed by 65 cent, or 5.5 per cent, to €12.55 in Dublin on the back of better-than-expected fourth-quarter results. Although it had little new to say on its drugs pipeline, including Tysabri which is awaiting approval from the FDA for a US relaunch, Elan shares took heart from good revenue growth and tight cost control.

Tullow Oil added eight cent, or 1.8 per cent, to €4.58 in Dublin following the release of a trading statement showing the group continuing to make steady progress. In London, the main market for the shares, they were up by five pence or 1.6 per cent to 313.5p. In the financial sector, AIB shares added five cent to €18.50 amid speculation the bank is considering a sale and leaseback deal for its Ballsbridge headquarters.

Bank of Ireland edged up by two cent to €14.12 as UBS upgraded the stock, while Anglo gained seven cent to €12.99.

IFG also had a good day, adding five cent or nearly 3 per cent, to €1.73 after the release of strong figures by its British-based rival, Kensington.

But CRH was a weak performer, shedding 30 cent to €25.50 amid sectoral weakness.

Independent News & Media lost one cent to €2.68 as investors awaited news on the flotation of its Indian associate, Jagran Prakashan. Among the smaller stocks, Getmobile gained five cent, or 12.5 per cent, to €0.45 following a positive trading statement.

Settlement Day: February 3rd