Financials bore the brunt of losses on the Dublin exchange yesterday as the ISEQ index declined by 1.5 per cent to finish at 5,184.94, down 79.19 points. "Volumes were heavy enough, but nothing spectacular," a trader said. Bank of Ireland was among the largest losers, reversing by 5.14 per cent to close 37 cents weaker at €6.83. Reports that 4,000 customers of its British subsidiary Bristol & West would get higher interest rates after a review, led to some profit-taking after gains last week. But a trader said the deposits concerned were valued at only £15.5 million sterling and this would not lead to a significant lag on the business.

AIB lost ground also, finishing 15 cents weaker at €9.30 while Irish Life & Permanent declined by 5 cents to close at €8.40 after a rally before the weekend. Elan also eased after climbing to new highs last week on the back of positive sentiment in the US towards its drug development programme. The stock fell by €2.40 to finish 3.93 per cent weaker at €58.60. The other losers included Eircom, down 7 cents to €2.63, and CRH, which dropped 24 cents to close at €18.01. However, a trader said no particular factor was behind the decline. "There's no real rhyme or reason to it."

Ryanair made further gains ahead of its first-quarter results today, closing 3.04 per cent higher in a 28-cent rise to €9.50. Analysts expect the budget airline to report 2530 per cent profit growth and a similar rise in revenues on the back of increasing passenger numbers.

Other gainers included Kingspan, which added 7.14 per cent to close 20 cents stronger at €3.00. Tech stock Riverdeep added 11.11 per cent to rise 35 cents to €3.50. Also on the Nasdaq, Smartforce added 3.59 per cent to $54 1/8 in early business, while Iona Technologies was 2.64 per cent weaker at $73 7/8.