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Sinn Féin surge wipes €700m off AIB and BoI

Investors spooked by party's gains

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Celebrating: Sinn Fein president Mary Lou McDonald, centre, enjoyed a successful election

Celebrating: Sinn Fein president Mary Lou McDonald, centre, enjoyed a successful election

Collins Dublin, Gareth Chaney

Celebrating: Sinn Fein president Mary Lou McDonald, centre, enjoyed a successful election

Building, property and bank shares were hit hard yesterday as Sinn Féin emerged as the big winner from Saturday's election and staked a claim to a place in Government.

Shares in the country's biggest banks, AIB and Bank of Ireland, plunged more than 6pc, knocking over €700m off their value, while Cairn Homes slumped more than 8pc, with Glenveagh down over 8pc and Ires Reit off by almost 7pc.

Sinn Féin wants to increase the bank levy to €200m from €150m and end banks' ability to use crash-era losses to shelter current profits.