Soaring oil prices depressed international stock markets although shares in Dublin managed to notch up gains. The ISEQ Index closed marginally higher at 5,367.39.

Ryanair chief executive Mr Michael O'Leary attempted to soothe investor concerns about the impact of rocketing oil prices on the airline when speaking in London yesterday.

He said the rise in oil prices could cost the airline an extra €40 million this year but, he said, it would not introduce a fuel tax in line with other European carriers.

He said the airline would still be profitable even if oil prices doubled to $80 a barrel and said that many of its competitors would collapse in that scenario.

Ryanair shares made progress in Dublin, gaining 4 cent to end at €4.30 yesterday.

The airline also announced it would sell 900,000 seats at 90p each as part of its drive to stimulate traffic in the winter months.

The banks were stronger on the day with AIB adding 9 cent to end at €12.87. Bank of Ireland gained 8 cent to €10.75 while Anglo Irish Bank added one cent to €13.46. Irish Life & Permanent was unchanged at €12.05.

CRH was firmer, with the stock moving 4 cent higher to €18.59.

Eircom rose to €1.44, up one cent while Elan added 9 cent to close at €17.40.

Among the food stocks, Fyffes gained one cent to €1.81, Glanbia was unchanged at €2.48, Greencore was one cent weaker at €2.93. IAWS rose 3 cent to €9.98 while Kerry was 4 cent stronger at €17.24.

Warner Chilcott shares went strongly ahead adding 37 cent to end at €9.17.

Other stocks traded included Waterford Wedgwood, up one cent to €0.15, United Drug shed 10 cent to €2.85 and Tullow Oil ended the day 7 cent better at €1.85.

Paddy Power shares rose by 11 cent to €9.91 while Independent News & Media was unchanged at €1.97.

Settlement Day: August 21st