Ryanair rides high on an otherwise sluggish day

Market report: A near absence of corporate news combined with summer distractions to depress volumes and limit price movements on the Iseq yesterday. The market as a whole had edged ahead by 0.5 per cent at the close.

Ryanair was the busiest stock among the larger players, with almost three million shares changing hands. The airline finished at €6.79, up 14 cent.

Dealers said it had benefited from the recent strength of its ADRs in the US.

Eircom was much quieter than in the previous few sessions, as the market considered how well the firm could absorb the cost of both Meteor and a 3G licence.

Dealers said some investors were starting to view the company as a growth stock rather than a value stock, in light of the likely fund-raising its probable acquisitions would entail. Shares in the telecoms company fell by two cent to €1.86. Grafton recovered after coming under pressure for much of the previous week. The building materials group added 25 cent to close at €8.80, despite reports of a slowdown in UK trade from competitor, Wolseley. Analysts have emphasised the balance Grafton draws from its heavy exposure to the Irish construction market, which continues to perform strongly.

CRH also did well, climbing by 22 cent to 22.36. The firm drew some benefit from Wolseley's positive comments on the North American market.

Paddy Power fell by four cent after its peer Stanley Leisure acknowledged that it had suffered a number of unfavourable sporting results. Paddy Power ended four cents weaker at €14.21 on very low volume. There was no move in Jurys Doyle, despite reports of a number of strong bids for its Ballsbridge site. The hotel group closed unchanged at €15.60.

Volumes were muted in the banks, with AIB winning back some of last week's declines by rising eight cent to €17.65. Bank of Ireland rose by four cent to €13.69 and Anglo Irish climbed by 10 cent to €10.50.