ISEQ: 2,718 (-11) at 1.30pm: Bank of Ireland's half year results which showed a 32 per cent fall in pre-tax profits to €650 million saw stock move ahead in Dublin on a day when the results dominated the market.
At 1.30pm the Iseq index of Irish shares was marginally lower at 2,718.
Bank of Ireland chief executive Brian Goggin said the bank did not need to raise capital at the moment. The bank's shares rose over 7 per cent earlier this morning before giving up some of those gains to reach lunchtime at €1.33, up 1 per cent.
In a note to investors Davy stockbrokers said the forecast of "marginally better than breakeven" earnings per share in the second half of the year implied a "significant downgrade to our existing" 103.4 cents full-year forecast.
The best financial performer on the day was AIB, up 6.9 per cent at €3.10 while Anglo Irish Bank was off 1.5 per cent at €1.92. Irish Life and Permanent shares were almost 8 per cent lower at €1.76.
Paddy Power shares were 6 per cent lower this afternoon on €12.22 following the release of a trading statement saying it was on track to post operating profits of around €75 million for this year.
Shares in food group Kerry were flat after it said annual earnings will be at the top end of forecasts on the back of a "solid" performance at the ingredients and flavours unit in the last four months.
In Europe shares headed lower by midday as mounting concerns of a prolonged global recession prompted investors to dump financial stocks, while commodities shares tracked weaker metals and crude prices.
