Shares in Europe hit as fear takes hold

SHARES across Europe took a hammering yesterday with Irish stocks losing 1.5% of their value, rounding off a turbulent week on the markets.

In Britain stocks fell for a sixth day as the FTSE 100 Index recorded its biggest weekly loss in almost three years.

European stocks retreated, with the benchmark Stoxx Europe 600 Index posting its biggest weekly loss since November 2008. The Stoxx 600 slipped 1.8% to 238.88 at the close in London, extending its weekly drop to 9.9%.