Greek chaos sends Irish shares lower
Irish shares suffered their worst sell off since April yesterday, as the Greek government lurched closer to defaulting on its debts.
By the close in Dublin the ISEQ Overall Index had dropped 2.5pc, or 158.53 points, to hit 6,209.14.
That was the index's worst day in percentage terms since April 29.
Bank of Ireland led the market lower, tumbling 5.5pc to 36c as financial stocks across Europe were hit. Permanent TSB fell 2.9pc.
Packaging company Smurfit Kappa slipped 5.1pc to €25.11, while hotels firm Dalata lost 2.7pc to €3.55.
Ryanair slipped 2.4pc to close at €12.04. Airlines were generally lower after the terrorist attack in Tunisia threatened tourist travel for the rest of the summer.
Nearly three times as many shares fell as rose on a difficult trading day, which at one stage looked set to be a lot worse before recovering. The newly listed petrol station firm Applegreen gained 1.2pc to close at €4.35.
Despite its difficulties, the Irish market fared relatively better than the rest of Europe. Stocks on the continent had their worst day in eight months.
The Stoxx Europe 600 Index dropped 2.7pc, while national benchmark indices fell in all 18 western European markets except for Iceland.
The UK's FTSE 100 fell 2pc, while Germany's DAX Index lost 3.6pc. France's CAC 40 slid 3.7pc. Italy's FTSE MIB Index was the laggard in Europe, dropping 5.2pc.
BGC analyst Michael Ingram struck a bleak note on the Greek mess.
"Absent a complete capitulation from the troika, Greece will default on the IMF and emergency liquidity assistance should be withdrawn on Wednesday," he said.