Dublin market sees lowest close in four years

In Dublin the ISEQ index closed 170 points or over 4pc lower, its lowest close in four years.

CRH fell by over 15pc, dropping €2.01 to €11.35 on news that some of its US operating companies had been named in asbestos litigation. The company said though it didn't think the litigation would affect its financial position.

Financial stocks were also lower. AIB lost 30c to €12.10 having started the day in positive territory on news it was considering legal action against firms which are found to have helped rogue trader John Rusnak in AIB's US subsidiary AllFirst.

Anglo Irish dropped 33c to €6.38 and Bank of Ireland was 15c lower at €9.85.

Independent News and Media was down by 10c at €11.50, on rumours the firm has joined the race to buy the Herald stable of titles in Scotland.

Other movers included Ryanair, down 20c at €5.65, Elan, down 12c at €2.03 and Waterford Wedgwood, down 5c at €0.39.

In the US the Dow Jones looks set to close at its worst quarterly position since 1987, as Q3 come to an end at close of trade. This afternoon both the Dow and the Nasdaq were 2pc lower.