Last week Sharewatch bought £100 of imaginary shares in construction-related companies to see which way the wind would be blowing this year.

Bovis Homes had some mixed results on Monday. It was as downbeat as Taylor Wimpey about the housing market and our £100 was duly worth £88 by Tuesday.

Our Taylor Wimpey investment is faring a little better at £96 after dropping to £93 the day before its results. The pessimism followed Persimmon and Barratt talking up the market. “Who is right?” asked Kaupthing. “The reality may well be somewhere in the middle.”

Investors were clearly happier elsewhere though and the ton we put on fit-out specialist ISG had risen to £105 after some broadly decent results on Tuesday.

Nerves were clearly jangling before Costain’s figures on Wednesday though, with shares heading south and turning our £100 flutter into £88 by Tuesday.