Market report: The Irish stock market moved ahead yesterday as the placing of six million Ryanair shares owned by chief executive Michael O'Leary provided the main focus for investors.

Davy Stockbrokers placed the shares at €6.50 each with a number of international institutions, raising €39 million for Mr O'Leary.

Dealers said there was good demand for the stock, with the placing completed within 20 minutes and oversubscribed a couple of times as good May traffic statistics from Easyjet lent support. However, the shares gave up some ground in the wake of the transaction, closing 12 cent, or 1.8 per cent, lower at €6.54.

Bank of Ireland was another feature in Dublin yesterday, as the shares powered ahead by 2 per cent, or 26 cent, to €13.03.

Dealers said more than two million shares were dealt amid speculation that the bank was making progress in its cost-cutting plan.

Elsewhere in the banking sector, Anglo Irish added 24 cent, or 2.5 per cent, to €9.96 as the bank sets about raising Tier One capital. AIB edged up by just three cent to €16.88 while Irish Life & Permanent gave up eight cent to €13.67.

Other movers yesterday included Grafton, which lost 13 cent, or 1.4 per cent, to €9.01 as dealers said the shares were knocked by subdued retail sales figures from the UK.

CRH had a better day, breaking through a technical level, to close 35 cent, or 1.7 per cent higher at €21.23.

Independent News & Media added nine cent, or 3.6 per cent, to €2.62 ahead of the company's annual meeting later today.

Fyffes also fared well, edging up by four cent, or 1.8 per cent, to €2.28 as close to two million shares were traded in what dealers described as "a good two-way market".

In the exploration sector, shares in Dragon Oil added 18 cent or 12.5 per cent to €1.62 following news of an approach to buy the 48 per cent of the company not owned by Enco.

Settlement date: June 10th