ISEQ slips more than 50 in morning trading

The ISEQ index of Irish shares has got off to a stuttering start today, falling 50.17 in morning trading to 5,636.56.

Financial stocks are facing a tough time today. Allied Irish Bank shares have slipped 5c to €13.50 while Bank of Ireland shares have fared worse, falling 33c to €11.05.

Anglo Irish Bank - which yesterday announced the identity of the new CEO designate, David Drumm - has seen shares fall 7c today to €14.75. Irish Life & Permanent shares are unchanged at €12.75.

Ryanair shares have fallen 3c to €4.20 today as the company's Annual General Meeting takes place in Dublin today. Ryanair unveiled its new in-flight entertainment system to shareholders ahead of the meeting today.

Meanwhile pharmaceutical giant Elan was on the slide today, falling 22c to €19.

Shares in construction giant CRH have fallen 14c today to €19.66 despite a recovery in contract awards in the US which continued in August.

Viridian shares are unchanged today at €9.14 despite newspaper reports that Viridian will announce plans to build a second generating station at Huntstown next Monday morning.