Market Report

The market was in fairly lacklustre form yesterday, with volumes low across the board and most stocks trading within tight ranges.

The exception to the rule was again Ryanair, with some six million shares changing hands in the airline before the end of the session. The stock closed at €5.28, up 3 per cent on the day. Dealers pointed to substantial buying of ADR units in the US.

Greencore attracted some sellers after issuing its cautiously optimistic trading update. Shares in the food company closed at €3.29, down four cents.

In the same sector, IAWS was a clear outperformer, with shares rising by almost 2 per cent to €9.48. Glanbia climbed by three cents to €2.35.

Moving to the financials, Anglo Irish Bank looked comfortable as it rose 10 cents to €13.25. Goodbody yesterday described the stock's current level as an "attractive entry point".

AIB fell 13 cents to €13.15, while Bank of Ireland added five cents to close at €11.47.

Irish Life & Permanent dropped by five cents to €13.40 as takeover speculation continued to fade into the background.

CRH was down 13 cents at €17.09, with dealers citing concerns over the impact of an EU carbon tax as a possible driver.

Grafton enjoyed a 3 per cent bounce on reasonable volume, with shares closing at €5.81. Heiton fell 10 cents to €4.65.

Qualceram continued its quiet climb, closing almost 6 per cent stronger at €1.90. Volume was light however.

A similar effect was seen in Readymix, which rose by 2 per cent to €2.05.

In London, Tullow closed unchanged at 95p sterling on good two-way trade. Lansdowne Partners has lowered its interest from 4.32 per cent to less than 3 per cent.

Galen, which is due to report first-quarter results next Tuesday, was steady at 785.5p sterling. Analysts are expecting strong first-quarter growth.Dublin ReportSettlement Day: February 10th