Dublin report: Investors took off in all directions when they saw airline Ryanair report a 27 per cent fall in profits to €35 million yesterday morning, but the stock stabilised as the day went on.

Initial reaction to the news saw it shed more than 40 cent during the morning, but as nerves steadied during the day, it recovered and ended up just six cent or 1.67 per cent down at €3.54.

About 50 million shares were traded in the company between Dublin and London, according to dealers, who also pointed out that volumes in the company are always large around the time it reports quarterly figures.

Overall the Irish market outperformed its European peers yesterday, adding more than 1 per cent to the Iseq Index.

Strong performances from the likes of CRH and Grafton helped to boost the over all market.

Building materials group, CRH added 55 cent, over 2 per cent, to close at €26.90. Just more than two million shares in the company changed hands in Dublin, with plenty of buyers in the market.

DIY and builders' merchant Grafton gained 13.3 cent to close at €5.60, a gain of 2.43 per cent. Investors bought just more than one million shares in the stock.

Grafton's price suffered particularly in the closing months of 2007 and the opening weeks of this year, and one dealer in Dublin said that buyers are coming in for the stock as many believe it has been oversold.

Cider maker C&C had something to toast at close of business, as its price increased nine cent to close at €4.84.

Among the financials, AIB dropped 23.9 cent to €15.074, Bank of Ireland added one cent to €10.21, Anglo Irish Bank gained 24.1 cent to end at €10.141 while Irish Life and Permanent added 2.2 cent to close at €11.472.