DUBLIN REPORT: BLACK GOLD seized its turn to be the unravelling of equities markets yesterday, as Easyjet warned that if triple-digit oil prices prevail, its profits will be dented this year.

The statement had an immediate effect on the Dublin market, dragging down the share price of top 10 stock Ryanair.

The airline's stock sank to as low as €2.47 and closed down 8 per cent at €2.55, losing 22 cent on the day.

Some 20 million shares in the stock traded, with 6.5 million of these in Dublin.

Even before yesterday, Ryanair was trading at less than its estimated break-up value.

The rumour mill about the funding exposure of certain financial stocks (led by HBOS, owners of Halifax) wasn't shut down by the UK Financial Services Authority's stern admonishment to short sellers, which it is now investigating for spreading "false" rumours and dealing on the back of them.

Anglo Irish Bank, which has been the victim of both rumours and shorting in recent days, had another rollercoaster of a session, with its share price ranging from €6.42 to €7.38 over the course of the high-volume day.

But after all the ups and downs, it closed at precisely the same point as Tuesday, at €6.90.

Other movements were influenced by who's in and who's out of a Dow Jones high-yield index due to be reconstituted tomorrow evening.

Independent News & Mediais thought to be coming out, which means many institutional funds will be looking to sell their holdings in the stock.

Some 14 million shares in the company traded yesterday and it lost 5.7 per cent to close at €1.68, down 10 cent.

Irish Life & Permanent, thought to be entering the index, gained 3.2 per cent to finish at €10.90, up a comforting 33 cent.