Ryanair and Paddy Power advance while Iseq dips

Iseq: 2,874.71 (–11.93) Settlement date: April 5thTRADING WAS overshadowed by the much-anticipated announcement of what is hoped to be the final figure for the cost of Ireland's banking bailout which was announced after markets closed yesterday evening.

Despite the absence of Irish Life & Permanent, Bank of Ireland and AIB from the exchange yesterday – trading in shares of all three financial institutions were suspended until this morning – it was pretty much business as usual in the non-financial sector, with relatively strong activity in other stocks.

Ryanair was one of the most actively traded stocks and strongest performers.

While its decision to introduce a €2 passenger levy might not be the best news for travellers, it may spell good news for the company’s bottom line.

Ryanair advanced 1 per cent on the day to finish at €3.36.

Fellow-airline stock Aer Lingus also found favour with investors, adding just under 1 per cent to €0.72.

Paddy Power had a strong day, gaining 1.3 per cent to €30.90, after peer company 888 Holdings announced a 6 per cent increase in revenues for 2010.

Oil companies performed well.

Tullow Oil added 10 cents to €15.90, having dropped on Wednesday despite the announcement of positive developments in its Ugandan operations.

Dragon Oil gained 2 per cent to close at €6.72.

IFG, one of the few financial services related stocks on the exchange, lost 4 per cent to €1.35, following its results earlier this week.

Nonetheless, all eyes will be on market reaction tomorrow in Dublin and further afield as investors digest news of the PCAR/PLAR (prudential capital assessment review and prudential liquidity assessment review) stress tests and the future configuration of the banking sector.