Profit-taking at Ryanair increases its free float

The heavy trading in Ryanair shares was attributed to profit-taking at the time, but few in the market outside those who actually handled the deal expected that the profit-takers were Cathal and Declan Ryan. Each sold 1.8 million shares at €11.75 to realise €21.1 million each.

There is always a ready market when Ryanair directors decide to cash in some of their shares and Tuesday's sale by the Ryan brothers increases the free float by 1 per cent. Ryanair drifted 10 cents to €11.95 yesterday but is well-supported at these levels.

Otherwise it was pretty dull stuff on the Dublin market with little change in prices and volumes generally low. Bank shares were weaker with Bank of Ireland tumbling 34 cents to €11.58 despite an a.g.m. statement that the bank should meet market expectations in the current year. AIB was 3 cents easier on €13.30 while Anglo Irish lost 6 cents to €4.39.

CRH gained 30 cents to €20.90 as the market dismissed suggestions that it might be a bidder for the British bricks business being sold by Hanson. CRH already has a third of the British brick market and would face competition problems if it went for Hanson.

The biggest trading of the day was in Smurfit where 2 million shares traded as the share lost 3 cents to €2.33. There was also unusually chunky trading in housebuilder Abbey where a million shares - 3 per cent of the total - dealt as the share lost 12 cents to €3.63.

Parthus took another hard knock in London and lost 4 1/2p to 42p sterling, bringing its losses over the past two days to 22 per cent. Davy has described the market's treatment of Parthus as an overreaction and given the shares a "buy" tag.