The building-related sector is enduring another difficult day on European stock markets and is continuing the pressure on banking stocks.
At 12.45pm, the Iseq was off 0.8 per cent at 5,592.
The day's biggest faller has been building group McInerney which shed over 14 per cent or €0.73 on the back of extended losses by housebuilders in the UK.
This was prompted by a 24 per cent fall by Barratt yesterday as concerns about its land values and short-term funding scared investors.
Dublin analysts said McInerney was under particular pressure due to its gearing and noted that other sector stocks such as Abbey, which shed 4.4 per cent to €4.54, were off by lower amounts; .
Negative sentiment towards the construction sector has also pulled the rug from under Blackrock International, its shares falling over 13 per cent to €0.20.
Banking stocks were also under pressure in Dublin with AIB down over 3 per cent at €11.19 and Anglo Irish slipping 1.8 per cent to €6.87.
After falling over 2 per cent to €6.61, Bank of Ireland shares were unchanged today while Irish Life and Permanent stock eased ahead 0.5 per cent to €9.39.
One analyst said the lack of interest in banking stocks was unprecedented and suggested the only thing that appeared to have the capacity to get the sector going would be a takeover, but he added that there did not appear to be any interest in the sector from that quarter either.
Stocks in Europe bounced between gains and losses as advances in energy producers were offset by declines in retailers. BP rallied as oil prices climbed for the first time in three days.
Next tumbled to a five-year low after Citigroup recommended investors sell shares in the largest UK fashion retailer.
The Dow Jones Stoxx 600 Index rose less than 0.1 per cent to 306.84 as of 12.20pm in London, as about the same number of shares gained as declined.
The index has lost 16 per cent this year on concern record oil prices, higher inflation and credit-related losses approaching $400 billion will damp economic growth.
Investors worldwide are growing more convinced stocks will drop the next six months as commodity prices curb profits and force central banks to raise interest rates, a survey of Bloomberg users showed.
European Central Bank Executive Board member Juergen Stark damped speculation of a series of interest-rate increases today.
