Settlement Date: April 25th

Trading was slack as markets got back to business after a four-day Easter break. Dublin replicated the global trend with the ISEQ trading in a narrow range all session before finishing just over four points weaker on 4,150.74. Volumes were light across all sectors with many traders still away from their desks.

Trade was busiest in Independent News & Media in its final session before going ex-rights. More than 31.5 million shares traded but the stock moved within a tight five-cent range before closing two cents ahead on €1.32. Dealers expect Independent to open around the €1.17½ level today following the approval of the four-for-15 rights issue at yesterday's extraordinary general meeting.

Ryanair was the other notable feature, shedding 10 cents to €6.70 in trade of 30.3 million shares, despite reiterating its confidence in meeting profit forecasts in what has been another dire year for the airline industry. Traders attributed the fall to weekend speculation about the emergence of competition in the Irish low-cost travel market.

Among the banks, Irish Life & Permanent continued its pre-Easter rally, moving ahead three cents to €10.53 while AIB moved back two cents to €13.30 despite the ongoing support generated by the presence of its buyback programme. Bank of Ireland also traded in a small price range and was two cents stronger on €10.55 at the close. Among the smaller financials, Anglo Irish Bank gave up three cents to €6.75 while First Active closed at €5.29, up four cents.

Arnotts saw one of the largest price shifts on the day, losing 25 cents to €12.50, albeit with only 43 shares traded. On the flip side, Irish Continental advanced 25 cents to €8.35 while Jurys Doyle was 15 cents ahead on €7.35.

Waterford Wedgwood shed another cent to 23 cents amid continuing market nerves about news emanating from the giftware group.