Ryanair takes big loss following nervous reaction

Dublin Report:The Iseq tumbled in early trade along with other European markets yesterday, with shares shedding 4 per cent of their value at one stage.

The market recovered as the day progressed however, with losses limited to just slightly more than 1 per cent at the close.

Some stocks were hit harder than others amid the general turmoil, with Ryanair among the biggest sufferers. The airline was down by 10 per cent by mid-morning as concerns over oil frayed market nerves. Losses were pared later in the day, but the stock was still down 2.6 per cent, or 17 cent, at €6.30 by the close.

C&C, which will issue a trading update at its agm today, also felt a bit more pain than the rest of the market, mostly on the back of a cautious Diageo trading statement. The drinks and snacks group closed at €3.85, down 10 cent.

CRH was behind much of the overall market decline, as its shares closed 34 cent or 2.5 per cent weaker at €21.35.

Other construction-related stocks held up better, probably because investors were eyeing the possible benefit of the 2012 London Olympics.

NCB believes, for example, that Kingspan is "ideally- positioned" to experience an Olympic uplift. Shares in the Cavan firm shed six cent yesterday, closing at €10.05. Grafton lost four cent to finish at €9.00.

The banks were generally solid, with Anglo Irish among the lucky few stocks to actually gain ground on the day.

The bank added ten cent to finish the session at €10.35.

AIB fared worse, closing 25 cents weaker at €17.38. It had earlier fallen through the €17.00 mark. Bank of Ireland closed five cent lower at €13.30, having slipped below €13.00 in the aftermath of the attacks.

Irish Life and Permanent finished at €14.30, down seven cents.

Elan, which last night announced the early redemption of £15 million sterling in debt, dropped by 15 cent to €5.95.