Market update - Irish financials in sharp drop

The main financials fell sharply in this morning's trading, prompted in part by Deutsche Bank's final-quarter results, which …

The main financials fell sharply in this morning's trading, prompted in part by Deutsche Bank's final-quarter results, which were worse than expected.

AIB was down 15 cents to euro 13.10 while Bank of Ireland was down 30 cents to euro 10.50. The exception was Anglo-Irish bank - which was trading at euro 3.58, 1 cent up on the day.

The overall index of Irish shares was down 64.42 points to 5,826.84 by lunchtime.

Ryanair rose sharply by 44 cents - trading at euro 12.20 ahead of its third-quarter results due out next week.

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Eircom had a quiet morning, down 2 cents to euro 2.60 while First Active was up 5 cents to euro 2.50.

Elan was trading at euro 53.52 by lunchtime - down euro 1.58 on the day. Tech giant Iona was down euro 3.00 to 59.50.