ISEQ down, weighted by banks

Dublin's ISEQ index was 26 points lighter at 5,273 just before 11am, with low volume in most stocks.

The financials mainly showed a decline. AIB fell 18c to €13.47 and BOI was down 17c to €11.60.

Anglo fell slightly after making solid gains last Friday after it issued a strongly-positive trading update at its agm. In Dublin. The stock was down 2c to €14.15 and Irish L&P was higher this morning, up 5c to €13.95.

Drug stocks performed well, in line with their European counterparts. Elan moved up 18c to €7.10 and United Drug was busy, up 13c to €2.67.

Recruitment company CPL moved up another 5c to €0.85 after reporting good results on Friday, and Glanbia was up 7c to €2.40 as news that the EU is to subsidise pigmeat exports hit the market.

Ryainair was down 5c to €6.95. The company brought forward its Q3 results to January 28 to avoid a clash with the result of the EU Commission's ruling on Charleroi due on February 3.

Construction stocks were mixed. Abbey added 20c to €8.20, Heiton was down 6c to €4.64. It was announced today that the company bought leading Waterford-based builders merchant and DIY providers Paddy Power & Co. Grafton was up 6c to €5.97 and CRH was down 15c to €17.20.

The FTSE100 was down 10 points to 4450 just after 11am today.The insurance sector, following Legal & General's full-year sales data, were down.

The insurer saw full-year sales fall 2%, but in common with rivals Aviva and Prudential revealed a marked pick-up in business in the fourth quarter.