Shares in Paddy Power owner Flutter Entertainment crashed by nearly 10% despite the betting company expressing confidence that the Cheltenham horseracing festival will go ahead next month amid fears mass public events could be caught up in the fallout from the spread of the coronavirus.
A handful of Irish-related shares, including Tullow Oil, Glanbia and Bord Gáis owner Centria, were among the big stock market losers in Europe in the past year. Flutter Entertainment, which owns Paddy Power and Betfair, as well as Ryanair and Kerry Group were, however, among the big winners.
The Brexit gloom lifted helping boost the shares of Irish banks and property firms, as well as the owner of Paddy Power, as investors bet the risk of a crash-out Brexit had receded for the time being.
Shares in Flutter — the betting conglomerate that includes Paddy Power, Betfair, its Australian and now key operations in a newly liberalised US — surged over 6% after it unveiled no nasty surprises in half-year results.