Dealers play down prospect of buyback at Ryanair

Dublin Report:It was a sign of the holiday season yesterday that just three stocks on the market managed to attract volumes of more than a million.

The first, Ryanair, was by far the busiest, with 4.3 million shares changing hands as the price fell by nine cent to €7.15. Dealers played down the prospect of an imminent buyback at the airline, which will carry the impact of last week's London terrorist alerts in its second-quarter numbers.

C&C was the second stock to achieve a decent level of business, but even with 1.2 million shares traded, activity levels were below the norm. Shares added 10 cent to finish at €8.68 amid continued mutterings on the firm's appeal as a takeover target.

The third name to attract some interest was Waterford Wedgwood, which ended the day unchanged at 4.4 cent.

Anglo Irish was by far the busiest of the financials, with NCB judging the bank to be undervalued. Shares climbed by nine cent to €11.45.

AIB did better in price terms, rising by 30 cent to €19.85. Bank of Ireland closed 25 cent stronger at €14.40.

Irish Life & Permanent, which has been linked with a sub-prime mortgage move in conjunction with Merrill Lynch, rose by 15 cent to €19.05.

Elan had a poor day, having been awarded a "reduce" rating by UBS.

The broker has initiated coverage of the pharmaceutical firm, saying the market is too optimistic about its Alzheimer's products. Shares fell by 16 cent to €11.32.

CRH was another weak performer, with shares declining by six cent to €25.31. Results are due at the end of the month.

The food sector as a whole did well, with IAWS the star performer. Shares added 22 cent to close at €14.80. Kerry rose by 10 cent to €16.35, while Greencore finished two cent higher at €4.00.

Paddy Power gave up some of its recent gains by falling 10 cent to €13.25.