Sunday 11 December 2016

FTSE loses £20bn in Brexit battering

Sean Duffy

Published 15/06/2016 | 02:30

Traders work on the floor of the New York Stock Exchange (NYSE) as a television screen displays coverage of US Federal Reserve Chairmman Janet Yellen. Photo: Reuters
Traders work on the floor of the New York Stock Exchange (NYSE) as a television screen displays coverage of US Federal Reserve Chairmman Janet Yellen. Photo: Reuters

European shares fell for a fifth straight session to a new three-month low, led down by commodities stocks, with investors becoming jittery before the US Federal Reserve's policy meeting and next week's EU referendum in Britain.

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The FTSE 100 suffered further losses in London, losing £20bn in value in the day's trading as fears grow over the possibility of a vote for Brexit in the upcoming referendum.

The Index was trading at 5,923.20, down 2.01pc. That brought the overall losses on the FTSE to over £100bn over the last four days.

The pound also suffered losses, trading at 0.7947 against the euro.

Trading reflects increased concern on markets following a string of opinion polls which suggest that a vote for Brexit is becoming increasingly likely.

Eight of the last ten polls have seen a majority come out in favour of Britain leaving the EU. While bookmakers continue to favour the 'remain' camp with odds of 4/7, the narrowing of 'leave' odds to 11/8 are enough to suggest that market jitters are well-founded.

Anxiety over the chances of a Brexit also spread to other European markets.

The Euro Stoxx 50 was down 1.97pc while stocks on Germany's DAX were down 1.43pc. In France, the CAC was down 2.29pc.

The ISEQ Index dropped below 6,000 and shares in both AIB and Bank of Ireland slid for a fifth successive day, losing 2.87pc and 5.17pc, respectively.

Ovoca Gold clawed back the losses it made at the end of last week, a 33.3pc rise seeing the company once again priced at 0.06 per share.

Irish Independent

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