DUBLIN REPORT: Iseq:2,947.70 (+8.92) Settlement date:June 3rd

ELAN AND Ryanair were the strongest performers in what was a lacklustre session, as US and UK markets remained closed for public holidays.

“Whenever London is closed it casts a sort of shadow over market volumes across Europe,” one Dublin-based broker said.

“It was a very, very quiet day in trading rooms around Dublin,” the broker added.

The heaviest action was seen in Bank of Ireland, with large volumes of nil-paid rights trading hands.

The nil-paids were under pressure for most of the day, and against this backdrop the bank’s ordinary share price suffered and was down almost 3 per cent at 71.5 cent at the close.

AIB lost one cent to €1.03, while Irish Life & Permanent rose more than 1 per cent, or 2 cent, to €1.95. Cement stock CRH softened slightly, albeit on less than 30 per cent of its normal volume.

It lost more than 1 per cent to finish at €18.00. One broker warned against reading too much into price moves on the Irish market yesterday, as volumes were so light.

Nonetheless, as CRH has a 30 per cent weighting in the Iseq, this fall proved the greatest negative drag on the index yesterday.

Offsetting this downward pressure were Elan, Ryanair and Kerry which together account for about 25 per cent of the index.

Biotech group Elan gained more than 4 per cent, almost 19 cent, to finish above €4.76, on low volume. Ryanair was strong ahead of what one broker described as “fairly eagerly anticipated” results due out today.

The low-fares airline traded as high as €3.45 at one point.

Ryanair closed at €3.38, which represented a gain on the day of almost 3 per cent, or 9 cent.

Food stock Kerry Group was in demand, and traded up 1.5 per cent, about 33 cent, to €22.58.