DUBLIN REPORT: Iseq:2,677.82 (–6.43) Settlement date:November 4th

RYANAIR WAS the main talking point yesterday on the Dublin market as the budget airline reported half-year results.

More than six million shares were traded in Dublin but despite reporting impressive rises in revenue and profits, the results fell short of most analysts’ expectations, pushing the share price down by 3.8 per cent to close at €3.97.

The surprise decision by the British Office of Fair Trading to investigate Ryanair’s shareholding in Aer Lingus had minimal impact on either airline’s share price, according to analysts.

While Aer Lingus shed 3.4 per cent, this was more likely due to continuing concerns about rising costs for all airlines, as well as a pull back from Aer Lingus’s recent rally.

Elsewhere, CRH performed well, adding 1.4 per cent or 17 cent to €12.48, as buyers, particularly long-term investors, continued to come in to the market.

Packaging group Smurfit Kappa was another good performer, gaining 1.4 per cent to €7.80, on the back of a trading update from peer company Mondi, which confirmed the continuing upward momentum in price.

As AIB shareholders gathering for the company’s egm heard that plans to sell its UK unit were “on hold”, the bank’s share price rallied before falling back slightly to end the session 0.9 per cent up at €0.34.

Funding concerns continued to weigh on Irish banks as troubles continued on the bond market. Bank of Ireland lost 2.4 per cent to end the session at €0.52, while Irish Life Permanent shed 1.3 per cent to close at €1.50.

Elsewhere, DCC saw decent activity, closing at €21.11, a gain of 1.7 per cent or 35 cents, ahead of results next week.

Ferry group ICG also saw significant gains, adding 2 per cent, or 30 cents, to €15.50, although this was on light volumes.