DUBLIN REPORT Iseq: 2,770.67 (-32.52) Settlement date: July 30th

RYANAIR WAS the only game in town yesterday, according to stockbrokers.

Although the budget airline’s first quarter results were close enough to expectations, it pulled back slightly on its full-year guidance.

The company indicated yesterday that its net profit for the year will be towards the lower end of the previously guided €200-€300 million range.

Brokers said that some investors had bought into the stock last week in anticipation of a possible upgrade of Ryanair’s full-year outlook, and so the market was a little surprised by yesterday’s update.

As a result the stock closed down almost 9 per cent at €3.08 on reasonably heavy volume.

As the Iseq’s second-largest component, Ryanair’s fall weighed on the index, which slipped 32.52 points, or 1.16 per cent, to 2,770.67.

The biggest stock on the index, cement producer CRH, was also off on the day, finishing down 1.43 per cent – 25 cent – at €17.25, on light enough volume.

Outside of the two main stocks, brokers noted that the market was very quiet, with low volumes across the board.

Cider manufacturer CC managed to gain more ground, closing up more than 6 per cent at €2.09. Food group Kerry also enjoyed a good day, jumping 2.3 per cent – 40 cent – to €17.80.

Paddy Power put in a positive performance too, adding almost 3 per cent to finish at €17.56, but on fairly light volume.

Packaging group Smurfit Kappa slipped just under 2 per cent to €3.94.

There was little movement in the banking stocks yesterday. AIB was more or less unchanged at €1.71, while Bank of Ireland gained just under 2 cent to finish at €1.75.

Irish Life & Permanent lost 4.5 cent to close at €3.12.