Turbulent day expected on stock exchange

A turbulent day is expected on the Irish stock exchange today as Ireland's credit rating takes another hit.

It comes as Finance Minister Brian Lenihan indicated that some troubled banks may eventually have to be nationalised.

Yesterday Fitch Ratings cut Ireland's AAA rating by one level to AA-plus citing a negative outlook with the economic downturn taking a heavy toll on public finances.

It follows a similar move last month by Standard and Poor’s.

Yesterday shares plunged sharply in the morning session as investors reacted to the Government’s new asset plan.

They rallied by the end of the day.

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