Iseq: 1955.68 (-29.95) at 12.40pm:The Dublin market dropped into negative territory today with Aer Lingus weighing heavily on the index following publication of its annual results.
Shares in the airline were down by almost 25 per cent to 59c after it announced that it swung to a pre-tax loss of close to €120 million in 2008.
At 12.40pm the Iseq index of leading shares was down 29.95 at 1955.68.
Shares in Aer Lingus' rival Ryanair, which today said it was to submit a formal complaint to the Irish and London stock exchanges, the Irish Takeover Panel and the Financial Regulator about advice given by Aer Lingus to shareholders in its 'December Defence' document, was down 9c at €2.93.
The airline, which yesterday announced it is to cease using airport check-in desks and offer a web only check-in service for customers from October 1st, called on Aer Lingus to apologise for 'misleading shareholders and the stock exchange" in the 'December Defence' document in which the company said it expected to be profitable in 2008 and 2009.
In the banking sector, shares in AIB rose 3c to 43c while Bank of Ireland was flat at 21c and Irish Life & Permanent declined 7c to 81c.
Construction stocks were mixed with CRH up 10c to €13.58, Grafton flat at €1.48 and McInerney, which this morning announced it had agreed a revised deal with its lenders in the UK, was up 1c at 10c.
Listed exploration group Tullow Oil, which this morning announced it posted a fourfold increase in earnings last year on higher oil and gas prices, declined 33c to €8.36.
European shares rose in choppy trade today as financials extended the previous day's sharp gains, while merger and acquisition buzz boosted automobile stocks.
At 12.25 GMT, the FTSEurofirst 300 index of top European shares was 0.9 per cent higher at 697.35 points after falling as low as 681 points. The benchmark has declined 16 per cent so far this year after plunging 45 per cent in 2008.
Across Europe, the FTSE 100 index was down 0.3 per cent, but Germany's DAX was 1.4 per cent higher and France's CAC 40 was up 1.2 per cent.
Additional reporting: Reuters
