Irish share prices slump as markets react to Brexit

Irish share prices slump as markets react to Brexit

The Irish stock market has seen an immediate impact on share prices following the news that Britain has voted to leave the EU.

Uncertainty over potential impact saw the market drop more than 16% after opening this morning.

However there has been some recovery since then with the losses being pared back to nearer 9% by 10.30am.

Paddy Power PLC, who predicted a win for Remain, has seen its share price fall 16.35%.

Kingspan Group PLC has seen its share value fall by 27.48% while FBD Holdings PLC is down 12.35%.

Ryanair, who had campaigned strongly for a Remain vote, has seen falls of 10.67%.

Similarly to the situation in the UK, Irish banks have been seriously affected, with the Bank Of Ireland share price down 22.7% and Permanent TSB down by 17.55%.

Both Sterling and the Euro weakened this morning following the election decision, with Sterling hitting a 31-year low. The Euro also weakened against the Dollar, falling to $1.09 at one point.

Barry Dowling, Co-founder of Irish-owned Global Payments Provider Transfermate explained: “The markets are not fans of uncertainty and with investors deciding where their money is best placed, decisions to invest in the UK are likely to be affected which will have a further knock on effect on Sterling.

"The implications for Irish business are uncertain and varied."

The Irish and UK markets were not the only ones affected with markets globally showing falls as a result of uncertainty.

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