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Northern Ireland's listed companies suffer share price plummet following Brexit

By John Mulgrew

Published 24/06/2016

Traders from ETX Capital work in central London on June 24, 2015 following the announcement of the EU referendum. Pic AFP PHOTO / ADRIAN DENNISADRIAN DENNIS/AFP/Getty Images
Traders from ETX Capital work in central London on June 24, 2015 following the announcement of the EU referendum. Pic AFP PHOTO / ADRIAN DENNISADRIAN DENNIS/AFP/Getty Images

Northern Ireland's three listed companies have witnessed their share prices plummet as markets opened following a narrow vote for the UK to exit the EU.

The share price of Wireless Group — the radio assets which were formerly owned by UTV before its takeover — saw the biggest drop, falling by almost 11%.

Newry software firm First Derivatives saw its value drop by 200 points, falling by more than 10%, little more than two hours after the markets opened.

And Kainos, the Belfast-based tech firm set up by Co Antrim Brendan Mooney, saw its share price drop by 9.5%.

More than £100bn has been wiped off London's top flight index after David Cameron announced he would quit as Prime Minister by October following Britain's decision to leave the EU.

The FTSE 100 Index was down 423.8 points to 5915.7 as the market resembled a sea of red, with banks, housebuilders and travel firms falling sharply.

Away from the top tier, the FTSE 250 was down 8% to 15,828.33.

Sterling sank more than 8% against the US dollar, falling from 1.50 dollars to 1.36.

European markets also plunged as it emerged that Britain had voted to leave the EU, with Germany's Dax and the Cac 40 in France both falling more than 8%.

Dennis de Jong, managing director of UFX.com, said: "This is simply unprecedented. The pound has fallen off a cliff and the FTSE is now following suit. Britain's EU referendum has been a cloud hanging over the global economy for the past few months and that cloud has got very dark this morning.

And in the Republic, many of Ireland's largest companies have seen their share price rocked this morning.

The Iseq has suffered a fall of as much as 12.73% this morning with shares in Permanent TSB, Bank of Ireland, Paddy Power Betfair, and CRH amongst the worst hit.

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