Fears over Charleroi ruling see Ryanair fall 3.57%

MARKET REPORT: Ryanair was the main story yesterday, with shares dropping 3.57 per cent to €6.75 on fears that the European Commission's ruling on Charleroi will be worse than the airline had expected.

Some 7.3 million shares were traded in Dublin, with today's quarterly results briefing likely to concentrate interest in the stock.

Waterford Wedgwood moved lower after its early morning trading update failed to inspire investors. The stock found support at 23 cents however and subsequently crept back up to close unchanged at 25 cents after some 24 million shares had changed hands.

In the banks, Irish Life & Permanent continued to climb while the rest of the sector lost ground. Shares in the possible takeover target rose five cents to €14.05.

AIB meanwhile shed 15 cents to close at €13.47, while Bank of Ireland, which held a UK investor meeting yesterday, dropped three cents to €11.60. The bank said it had bought back 220,000 shares at €11.62 on Monday.

Independent News & Media had a good day, with shares up nine cents at €2.09 on heavy volume.

United Drug was also busy but sellers were dominant as shares fell nine cents to €2.51.

IAWS lost ground for the third day in a row, with shares closing at €9.25, down five cents.

Greencore dropped 15 cents to €3.25 as talk of a bid emerging continued to fade.

Profit-takers made their presence felt in Heiton, with shares down 20 cents at €4.45 at the end of the day. Grafton lost four cents to close at €5.93.

CRH failed to stem its losing streak as shares fell seven cents to €17.15.

Paddy Power was hit after a note from Davy suggested that the firm's share price was already well up with events. Shares finished at €7.56, down 14 cents.

Printing minnow Oakhill was unusually busy, with two million units traded. The stock closed unchanged at 20 cents.