Dublin Report: The Dublin market was little changed yesterday on what one dealer described as a "more or less news-free day". Volumes were light and individual stocks gave investors little reason to shift their holdings. Ryanair was the highlight, gaining 30 cent, or 3.7 per cent, to close at €8.45.
The gains could easily be attributed to the ongoing decline in the oil price - jet fuel was yesterday down more than 20 per cent on its recent highs.
However, one trader said that the gains were simply a result of the stock rebounding from the fallout that it experienced from profit taking at the end of last week.
Many investors are waiting to see what chief executive Michael O'Leary will say at an investor day being held by the airline on Friday in New York. An update is also expected today on Mr O'Leary's reaction to the proposed second terminal at Dublin airport.
Elsewhere, trading was light in the financials. Anglo Irish was the only one to make any noteworthy moves, dropping 26 cent, or 2 per cent, to end the day at €12.69.
Bank of Ireland slipped 15 cent, or just under 1 per cent, to close at €15.15, while AIB was down 10 cent, or less than half a per cent, at €20.84.
Dealers reported decent volume in Independent News & Media, with almost 2.2 million shares changing hands.
Nevertheless, the stock held steady, ending the day unchanged at €2.32.
Activity was also rife among the smaller oil stocks and miners, which bore the brunt of the oil price declines.
Providence Resources was down 2.4 per cent, at €8 cent, while Ormonde Mining dropped 3.8 per cent, to 25 cent.Tullow Oil shares slipped 3 cent, or 0.6 per cent, to €5.32.
