The Irish share market fell yesterday, held back by thin trade and a holiday in the US. "The absence of buyers dragged the market down to its lowest level of the week," said one dealer but, like others, he expects it to pick up again if the London market continues its run.

The FTSE 100, which has looked increasingly vulnerable over the past couple of sessions, raced higher from the outset and eventually closed just off the day's high.

A surprise burst of futures buying in London caught dealers on the hop, forcing them to close short positions in many of the leading stocks.

The head trader at one big London broking house said most market makers had been "taken to the cleaners" by the market's sudden rise.