DUBLIN REPORT: Iseq: 3,149.50 (-8.11) Settlement date: April 2ndON WHAT was a red-letter day in the business calendar, FBD Holdings emerged as the star performer.

The insurance group received an unexpected boost with the shock announcement that an administrator has been appointed to rival Quinn by the Financial Regulator. FBD gained 5.8 per cent, or 40 cents, to €7.30 on the back of the news, as investors took the view that the group will have an opportunity to gain market share.

Meanwhile in the banking sector, Bank of Ireland attracted decent buying interest over the course of the session, which traders were at a loss to explain. The stock regained some of the ground lost on Monday, and closed up about 3.5 per cent, or four cents, at €1.29.

Although AIB came perilously close to falling below the psychologically important €1 level during yesterday’s session, it managed to bounce back to just below €1.25 by the close, leaving it down almost 9 per cent.

Irish Life & Permanent was off about 2 per cent, or 5.5 cents, at close to €2.84, although it does not come under Nama.

The volatility of banking stocks in advance of the major announcements for the sector may have attracted most attention yesterday, but a number of other stocks saw decent activity on the day.

Although Aer Lingus reported an operating loss of € 81 million for 2009 yesterday, one trader said the results were well received by investors who gave the airline credit “for coming to the end of a situation where it was burning cash”. The former State carrier bounced more than 4 per cent, or three cents, to 75 cents.

Elsewhere, cider manufacturer CC continued its recent upward trajectory and finished almost 2 per cent up, or six cents, at €3.24.

Overall, the Iseq index lost a little over eight points, leaving it at 3,149.50.