BoI shares dip as Fairfax halves holding

Shares in Bank of Ireland plummeted almost 9% yesterday on the back of Canadian insurer Fairfax Financial Holdings selling half of its 5.8% stake.

The Canadian property and casualty insurer run by investor Prem Watsa sold 935 million shares for 36 cents apiece — more than triple what it paid in 2011, Reuters has reported.

The fluctuation in share price is in keeping with share placings in recent years, according to Goodbody Stockbrokers analyst Eamon Hughes.