DUBLIN REPORT: Iseq: 3,348.39 (+0.5) at 12.15:The Iseq was up half a per cent by noon today to slightly outperform Europe after a quiet morning of trading.
According to a Dublin-based broker, Bank of Ireland was probably the biggest mover and was up some 5 per cent amid "reasonably heavy volume".
He noted there have been recent presentations by banks to investors, "and the general feeling is that Bank of Ireland is best placed at the moment".
Ryanair was down about 1 per cent, ahead of an investor day this Friday and following the company's agm last week.
Elsewhere, European shares topday after the previous session's sharp gains, dragged lower by commodity stocks, but financials offered support after BNP Paribas raised capital to shake off government influence.
Financials were standout gainers, with BNP Paribas up 2.6 per cent as investors welcomed its move to launch a €4.3 billion capital increase and pay back French state aid.
But heavyweight oil producers came under pressure as oil prices fell ahead of weekly US crude inventory data, pushing the FTSEurofirst 300 of top European shares lower.
Earlier this morning, the pan-European index was down 0.1 per cent at 1,000.41 points after rallying 1.8 per cent in the previous session. It has jumped 55 per cent since hitting a low in early March and is up nearly 18 per cent this quarter, on track to post its best quarterly rise in almost a decade.
Oil majors BP, Royal Dutch Shell, Total and Repsol dropped 0.3-1.3 per cent. Miners were also out of favour as metal prices eased.
Within the financial sector, Lloyds Banking Group, Royal Bank of Scotland, Barclays and Société Générale were up 1.1-2.6 per cent.
The DJ Stoxx European banking index has rallied 173 per cent from a March low.
A number of banks are aiming to repay governments for their financial support during the credit crisis, as they want to avoid government restrictions on lending, pay and dividends.
Investors will keep an eye on the September consumer confidence report from the United States and S&P/Case-Shiller house prices for July later in the day.
Additional reporting Reuters
