Wall Street's inability to rebound during European opening hours after its sharp turnaround on Monday meant that most international stock markets fell sharply. Dublin was not immune to the weakness, but it was noteworthy that most of the 1.3 per cent fall in the index was due to weakness in the financial stocks with the big industrial shares, which have been in heavy demand recently, being either unchanged or notching up only modest losses.

Much of the fizz has gone out of the financials as attention has shifted towards cyclical stocks and AIB fell as low as €14.45 (£11.38) before rebounding slightly in late trading to close down 67 1/2 cents on €14.57 (£11.48). Bank of Ireland fell 55 cents to €18.35 (£14.45), First Active lost 10 cents to €3.80 (£2.99) while Anglo Irish drifted four cents lower to €2.81 (£2.21).

The sharp fall in London had no effect on CRH, which was up five cents on €18.60 (£14.65), while Smurfit confined its losses to just 10 cents, closing on €2.60 (£2.05). The only other stocks to lose ground were Kerry, down 20 cents from its all-time high to €12.80 (£10.08), and Ryanair, coming off what was almost an all-time high to close 15 cents lower on €8.85 (£6.97).

It was a good session for many of the second-liners, which are getting some belated attention. Greencore added another 10 cents to €3.60 (£2.84), IWP jumped 17 cents to €2.02 (£1.59) while Irish Continental remained in demand, adding another five cents to €12.25 (£9.65). Waterford Wedgwood continued its surge, adding another 3 1/2 cents to €0.90 (£0.71). Among the explorers, Arcon was three cents firmer on €0.22 (17p), while Ovoca jumped six cents to €0.40 (32p).