The Irish index of shares has had a torrid morning so far with a 54-point fall by 10.45am.
The Dublin stock exchange stands at 5,912.26 after tumbling 54.90 points with financials and construction contributing to the downturn.
The largest decrease came at construction firm CRH which slumped 51c to €22.49 while Kingspan fell 20c to €6.48.
The financials followed the downward trend with AIB down 28c to €12.30, Irish Life and Permanent 23c lower at €10.24 and Anglo Irish Bank falling 23c to €7.56. Bank of Ireland slipped four cents to €7.55.
The food sector has had a mixed morning with IAWS down 14c to €16.06 and Kerry Group climbing 24c to €20.
Elsewhere, pharmaceutical giant Elan saw its stock rise 36c to €16.55 while Paddy Power dipped 24c to €22.76.