Market Report: Ryanair was one of the few active stocks on what dealers described as a very quiet Irish market yesterday. Elan also made the news with its first-quarter figures, although they failed to prompt much interest in the group's shares.

Ryanair rose 2.2 per cent after the low-cost airline said it carried a record 3.4 million passengers last month - a 29 per cent increase on the same month a year earlier. It also said the addition of more routes and higher fares would help offset higher fuel prices. The price of oil fell back slightly yesterday, something that might also have given rise to an increase in the stock. The shares closed up 15 cent to €6.85.

Elsewhere Elan's first-quarter figures revealed a smaller than expected loss of $0.08 a share. The group also said it was confident revenues from its multiple sclerosis drug Tysabri, which had previously been suspended, would accelerate a return to profitability. It's expected the group will get the go ahead to relaunch the drug this year.

Still, the shares failed to react, slipping 8 cent, or 0.7 per cent, to €11.32 on light volumes.

Trading in the financials was also light as investors stayed away after European Central Bank president Jean-Claude Trichet signalled that the bank was likely to raise interest rates next month. Dealers said this increase, if it were to be followed by further upward moves, could impact the high-street banks.

Bank of Ireland fell 18 cent, or 1.2 per cent, to €14.67, while Allied Irish was down 10 cent, or 0.5 per cent, at €18.75.

Anglo Irish and Irish Life & Permanent fared slightly better, adding 9 cent and 5 cent respectively to end the day at €13.32 and €20.30.

Elsewhere, Fyffes had a good run, gaining 4 cent, or 2 per cent, to close at €2.03, but Independent News & Media, which saw more than 3 million shares changing hands in both Dublin and London yesterday, added only 1 cent to end the day at €2.48.