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Irish shares take a hammering as markets absorb election results

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(stock picture)

(stock picture)

REUTERS

(stock picture)

Irish shares took a hammering this morning as markets absorbed the news of the Sinn Fein surge and that a long period of horsetrading is expected before a Government is formed.

The drop was led by financials and building stocks on the Irish Stock Exchange.

While the bond markets were calmer, Shares in Bank of Ireland fell as much as 7.8pc while AIB dropped 6pc.

In the property sector, Irish Residential Properties Reit dropped by over 8pc while Glenveagh Properties fell 7pc.

Shares in Cairn Homes dropped by 3.4pc.

Sinn Fein won 25pc of first preference votes, breaking up the duopoly of power traditionally held by Fine Gael and Fianna Fail.

Counting of votes continues today. 

Online Editors