The Irish market closed the day in positive territory despite most other European markets falling for the first time in five days as some earnings forecasts disappointed investors and lower metal prices weighed on mining shares.
The ISEQ was just over a point stronger at 6,307.60 at 4.30pm although volumes were still pretty light across the board.
Anglo Irish Bank was one of the few stocks to stand on in terms of volume, with around 4.7 million shares changing hands. The stock traded as high as €8.90 at one stage, but eventually finished at €8.76, up 0.9 per cent on the day.
Despite the rise in oil prices, Ryanair was also well supported. The low fares airline saw nearly 4.8 million shares traded as it surged ahead by 2.7 per cent to €2.85.
Elsewhere, FBD was the big loser on the day as the market reacted to the news that Eureko had withdrawn its approach for the company and a more negative than expected statement at its annual general meeting. The shares slumped by around 8.6 per cent – or €2.62 – to €27.88 although volumes were relatively light.
Strong results from Dublin-based clinical research group Icon, which reported a 46 per cent rise in operating income to $21.5 million for the first quarter of 2008, saw it surge ahead as it added on €2.75 to €43.80, but trading in its shares was very thin.
National benchmarks retreated in 15 of 18 western European markets. France's CAC lost 0.7 percent, as did Germany's DAX. The UK's FTSE 100 slipped 0.1 per cent. Indexes extended declines, following a drop in early US trading, after consumer confidence in the world's largest economy slid to a five-year low and property values slumped.