The main financial shares took a bit of a beating as international markets failed to hold their gains in the wake of the Dow's surge above 11,000 on Monday evening. With the US markets weakening after than landmark, the Irish markets turned lower with the financial index down almost 2.5 per cent. Support for the major industrials, however, meant that the overall index was only fractionally lower.

Bank of Ireland dealt down steadily but in after-hours trading a line of stock went through the market at €17.95 (£14.14), a closing price that was €1 down on the overnight level. AIB was also lower and closed down 33 cents on €14.97 (£11.79). Irish Life & Permanent was unchanged on €13.70 (£10.79) while Anglo-Irish went against the trend and was up eight cents on €2.83 (£2.23).

Cyclical industrials were once again firmer and CRH jumped 27 cents to €18.92 (£14.90) while Smurfit was seven cents higher on €2.65 (£2.09). Elan staged a recovery on Nasdaq and was trading over $4 stronger at the Irish close around $57 although it remains to be seen if this recovery can be sustained, given the way the market has turned against pharmaceutical stocks.

Among the second-liners, Dunloe Ewart's joint venture with British Land has sustained interest in the property stock and it dealt up another three cents to €0.43 (34p), the best level for two years. Athlone Extrusions gained seven cents to €0.85 (67p), DCC was five cents higher on €8.55 (£6.73) while Fyffes was unchanged on €2.15 (£1.69) after buying back 250,000 shares at €2.05 last Friday.