ISEQ down 99 points

The ISEQ index of Irish shares is down almost 99 points on opening and is currently trading at 6870.39 points.

Aer Lingus saw no change to its share price of €2.15 on foot of its announcement that it would today lodge its formal appeal with an EU court as part of the legal process towards removing Ryanair from its shareholder register.

Aer Lingus chairman John Sharman said: "Aer Lingus…refuses to be undermined by its competitor. It is our intention to deal with the presence of Ryanair on our shareholder register decisively through short-term interim measures, as well as seeking a speedy permanent resolution from the Court of First Instance."

Ryanair's share price dipped by 7c to €4.98 this morning.

Bank stocks were among the most traded this morning - AIB dropped by just over 20c to €9.15 while Bank of Ireland was down by slightly more than 10c. Anglo Irish Bank dropped by 33c and Irish Life and Permanent fell 31c to €13.44.