Bank stocks were mixed bag on the Dublin market this afternoon as the Iseq remained flat.
AIB was trading up 0.7 per cent to €1.49 by 1.50pm, but Bank of Ireland shed 1.9 per cent, also trading at €1.49.
Irish Life and Permanent was up marginally at 0.56 per cent to €3.95. It was reported last week that Permanent TSB confirmed it is to raise interest rates on its variable rate mortgages by 0.5 per cent next month. Brokers noted the move this morning, with one trader saying the move was no surprise.
Goodbody said in a note this morning that it had flagged on many occasions that margins in the Irish banking system would have to go up as banks needed to rebuild balance sheets.
Aer Lingus was one of the biggest gainers of the day, rising 1.6 per cent to 4 cent. Rival Ryanair was flat at €3.39.
At the other end of the scale, Elan saw its stocks slip 3.9 per cent to €5.42, but volumes were light.
There was some growth in building stocks during the session, with Kingspan gaining 1.2 per cent to €6.54, and market heavyweight CRH rising 0.8 per cent to €18.20.
However, shares in Independent News and Media were down 2.6 per cent to 11 cent.
European shares rose by midday as higher metal prices supported mining stocks, with investors awaiting earnings news from major US banks such as Citigroup and Bank of America this week.
Britain's top share index rose 0.6 per cent in midday trade, as miners rallied on firmer metal prices and M&A speculation boosted International Power and Cadbury, while broker comment weighed on defence stocks.
At 1218 GMT, the FTSE 100 was up 32.82 points at 5,488.19, in subdued trade with US markets closed for Martin Luther King day.
"A positive start but there is very little to go on with the lack of economic and corporate news until later this week," said Richard Hunter, head of UK equities at Hargreaves Lansdown.
"There has been interest in the retailers, which suggests some switching into cyclical stocks," he said.
The FTSE 100 index closed down 0.8 per cent on Friday at 5,455.37, after weak US data dented sentiment, but the blue chip index is up 58 per cent from its six-year lows hit in March 2009.
"Markets don't go up in a straight line so a correction might be on the cards but equally that will give investors another opportunity to buy," added Mr Hunter.
Miners rose on the back of stronger metal prices, which recovered as demand fears ebbed away. The sector shed 3.8 per cent last weak after weaker-than-anticipated data from China and the United States.