A sharp fall by CRH after a trading statement - seen as a profits warning by the market if not by the company itself -- was the main feature of a generally weak Irish market.

But with New York trading firmly as the Irish market closed, there may be a rebound when trading resumes this morning.

As analysts downgraded their 2001 and 2002 forecasts for the building materials firm, CRH hit a low of €15.60 before a late recovery helped the share close down €1.16 on €16.07. Turnover in Dublin was a chunky 2.5 million shares, with a further 5.6 million trading in London.

Financial shares were generally weaker, with AIB down 20 cents on €10.60 while Bank of Ireland lost nine cents to €9.76 in heavy trading.

Irish Life gained eight cents to close on €11.83 - the company disclosed that it bought back and cancelled another 680,000 shares yesterday at €11.88.

Elan, which disclosed that it plans to float off part of its Athena subsidiary next year - was trading 70 cents higher on $46.35 by midday in New York, after closing 20 cents higher in Dublin on €51.20.

Ryanair, despite an upgrade and a $11.50 six-month price target from ABN Amro - drifted two cents lower to €10.18. The confirmation that the Valentia takeover was approved by the Government helped Eircom rise three cents to €1.36.

The closure of Tara Mines had no impact on Irish mining stocks and Arcon remained marooned on €0.04 while Ivernia was also unchanged on Can$0.13 on the Toronto market.

Technology markets were mixed, with Parthus firmer after its latest licensing deal was announced - while Iona and Riverdeep were trading lower.