Shares in Elan have jumped by 5 per cent today after the drug maker reaffirmed its financial outlook for this year and announced a move to restructure its debt.
Elan was trading at €4.21 at 12.45pm, up 20 cent on the day, and leading the way among Irish stocks.
The Iseq index was trading down half a per cent at 2,969.9 at lunchtime with AIB, Smurfit Kappa and Paddy Power among those down on the session.
AIB shed 6 per cent during this morning's trading, falling back to €0.87. The bank last night announced plans to increase rates on its standard variable mortgages.
Bank of Ireland and Irish Life & Permanent also stumbled this morning, shedding 2.3 and 1.8 per cent respectively.
Separately, UK stocks retreated this morning, led by mining companies after reports out of China added to evidence economic growth is slowing in the world's largest consumer of copper.
Kazakhmys Plc, BHP Billiton Ltd and Xstrata Plc all dropped more than 1.5 per cent in early trading.
TUI Travel Plc tumbled 9.2 per cent after the travel operator said earnings will be at the lower end of forecasts with bookings down because of the World Cup and sunny weather.
The Euro STOXX 50 fell 0.7 per cent to 2,808.92. French utility GDF Suez shed 0.4 per cent after saying it was offering International Power shareholders a cash sweetener of £1.4 billion as part of a deal to create the world's largest independent power producer in terms of revenue.
The announcement came as the two reported forecast-beating first-half results. International Power fell 3.7 per cent.
