The sell-off in London had a limited effect on the Irish market, which closed down less than 0.5 per cent, boosted by the limited losses on Wall Street and continued strong demand for CRH.

With results due today, CRH hit a new intra-day high of €17.10 (£13.47) before closing up 6 cents on the day on €16.96 (£13.36). CRH has a record of beating forecasts and if this record is maintained in today's results then further heights may be scaled. The market will be hoping for some news on a Scancem bid and a Keyline sale, but may be disappointed on this score.

Elsewhere among the leaders, Bank of Ireland took a bit of a battering and fell 55 cents to €18.20 (£14.41) although AIB was down just 20 cents on €15.60 (£12.29). Other financials were mixed, with First Active down 11 cents on €4.12 (£3.24), Irish Life up 14 cents on €9.30 (£7.32) and Irish Permanent up 10 cents on €14.60 (£11.50).

Among the second-liners, Grafton jumped an extraordinary €1.25 to €19.50 (£15.36). The full-year results from Grafton were good but hardly that good - and there is a feeling that there are other factors driving the Grafton shares, and possibly a bid. The company might protest that it is committed to remaining independent, but given the fat price that Wolseley is reputed to have paid for Heatmerchants, nothing can be ruled out.