Report: Share prices in Dublin were unable to withstand the global slump in values yesterday although some stocks remained resilient to the weaker tone. Dealers said that while most stocks edged lower, the closing prices failed to reflect a firmer tone seen earlier in the session.

Ryanair took a bit of a pasting after comments surfaced from a London-based investment bank that suggested its flights were subject to widespread cancellation.

The airline reacted furiously to the remarks, saying its schedule of flights was operating normally, on time and with no cancellations.

The stock lost almost 2 per cent in value and ended at €7.75, down 13 cent. Dealers said concerns about Ryanair's exposure to fuel costs after March were also affecting its performance. They also said there was good two-way trading in the stock throughout the day.

The financials were generally lower, with AIB shedding 30 cent to end at €17.85. Anglo Irish Bank lost 8 cent to end at €12.70, while Bank of Ireland lost 15 cent to end at €13.50.

There was very heavy volume in Irish Life and Permanent throughout the day, with more than 2 million shares traded at €17.20. It closed down 15 cent at €17.15. CRH was also unable to weather the storm, ending at €25.50, down 22 cent.

Elan put in a good performance, with the stock one of the few in positive territory. It rose to €13.50, up 24 cent.

Dealers said investors are awaiting fourth-quarter figures from the company, due at the end of the month. There are hopes that it may have some good news to report on its progress in relation to the treatment of Alzheimer's disease.

Independent News and Media lost 5 cent to €2.69, down almost 2 per cent.

Bank of Ireland Asset Management disclosed that it had raised its holding in the company from 9 to 10 per cent.

Eircom was down 8 cent at €1.96 while C&C was down 6 cent closing at €5.74.