The ISEQ index of Irish shares was valued at 3,032.91 at 11am this morning, a drop of 42.07 points.
Most of the major banks suffered small losses, AIB was down 23c to €4.01 after it reduced its earning-per-share target this morning, Anglo Irish Bank unchanged at €2.20, Bank of Ireland was down 12c to €2.21 and Irish Life & Permanent was down 3c to €2.37.
Elsewhere, Irish Continental was one of the few movers upwards, increasing by €1.58 to €15, Kerry Group was up 35c to €18.65 and Kingspan was down 41c to €4.59.