The ECB disappointed investors today by leaving interest rates at 4.75 per cent. The ISEQ fell 32 points to 5,652 at mid-day with AIB the heaviest faller among the banks.
AIB fell 30 cents to euro 11.80 and Irish Life shed 15 cents to 12.65. Bank of Ireland, which has more of its interests in Britain than in the euro zone, gained 28 cents to euro 9.95.
Jurys continued its strong recent recovery after taking a heavy fall following the foot-and-mouth outbreak. Shares in the hotel group rose 18 cents to euro 9.10.
Financial services group IFG delivered impressive results this morning and gave a bullish performance update, its shares gained 5 cents to euro 2.50.
The FTSE 100 wobbled slightly after the European Central Bank's decision to leave rates on hold but soon regained its composure as US futures pointed to a strong start on Wall Street.
At noon the FTSE 100 benchmark was up 4.8 at 5,807.8.
Investors instead took cheer from positive figures from ARM Holdings, the chip designer. ARM shares were up 12.5 per cent after its first-quarter results met expectations, and it said it was confident about the next two quarters.
The results gave a boost to the rest of the high-tech sector. CMG was up 4.9 per cent, Misys 10.1 per cent and Logica 3.9 per cent.