Settlement Date: April 1st: The stock market slipped by 0.7 per cent yesterday, depressed by a poor performance by its European peers.

However, dealers said volumes in Dublin were very light, with most of the activity confined to the leading shares.

Ryanair dropped by eights cents to 6.62, but closed off earlier lows. Dealers were encouraged by news that the low-cost airline had taken advantage of the recent fall in oil prices to hedge half of its fuel costs for the first quarter of 2004. The company has already hedged all of its fuel for this year.

The main banking stocks had a poor day with AIB closing 20 cents lower at 12.98 and Bank of Ireland off 10 cents to 10.00. Dealers said news that the Central Bank was sending inspectors into the financial institutions to make sure they were adhering to lending criteria had not improved sentiment toward the sector.

"Coming on top of the banking levy, it's causing overseas investors to worry about growing government intervention," one trader said.

Despite announcing the completion of the acquisition of two oral contraceptives from Pfizer, shares in Galen slid by 15 cents to 5.85. Galen said it expected to close the sale of hormone replacement therapy, femhrt, as soon as the acquisition of Pharmacia by Pfizer is complete.

Independent News & Media was unchanged at 1.20 in the wake of Wednesday's results, DCC dropped a further 15 cents to 9.90, while Kingspan was up by four cents to 1.96 in good volume of 950,000 shares as it attracted some buying interest in the wake of its recent results.

Sherry FitzGerald added 10 cents to 1.70 as the management team proposed to make an offer of 1.95 per share for the company, subject to the finalisation of funding and due diligence.