Market shows healthy levels after Easter lull

Dublin Report: The market dragged itself out of an Easter slumber yesterday as volumes moved up to healthy levels across the board.

The uptick in business did not translate into price increases, however, with the market as a whole shedding nearly 1 per cent on the day.

The session's most volatile stock was undoubtedly Anglo Irish, which was hit in the morning by concerns over how new accounting standards would affect its reported profits.

Losses were limited a touch later in the day, but the bank still ended down 70 cent at €18.90. Nearly four million shares changed hands.

Bank of Ireland also came under some selling pressure, with shares falling by 17 cent to €12.12. Dealers attributed this to wider trends, with ABN Amro's bid for an Italian bank prompting sectoral jitters. AIB was an outperformer on the day, gaining three cent to close at €16.08. Irish Life and Permanent fell by 15 cent to €13.85.

Independent News and Media was the best of the main names yesterday as it added 9 cent to finish at €2.52. Demand was strong, with 3.9 million shares traded. Goodbody has raised its 12-month price target on the stock from €2.65 to €2.80.

Performances were considerably more muted elsewhere, with Ryanair among the weakest performers. Shares in the airline fell below the €6.00 mark to €5.91, down 14 cent in the session. CRH dropped by 15 cent to €20.20 on reasonably anaemic volume.

One positive performer was Eircom, which continued to inch towards €2.00. The stock closed at €1.97, up 1 cent.

Grafton lost more ground, shedding another seven cent to close at €9.13.

Paddy Power also weakened further, falling by 20 cent to €13.50 as investors mulled over the likely effects of the Cheltenham festival on the firm's coffers.

In London meanwhile, Tullow came under significant selling pressure. The oil stock closed at £171.25p, down 8.75p.

Dublin ReportSettlement Day: March 4th