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Jitters for markets continue after EU vote

By John Mulgrew

Stock markets have once again taken a tumble post-Brexit, while trading in Royal Bank of Scotland — which owns Ulster Bank — and Barclays was temporarily suspended.

The Brexit decision has dealt a hammer blow to heavyweight financial stocks, with some shares being temporarily suspended as the losses stack up. The FTSE 100 was off 156 points to 5982.20 as Royal Bank of Scotland and Barclays plummeted — down 15% and 18% respectively — causing trading in these shares to be halted for five minutes as automatic circuit breakers sprung into action.

Northern Ireland’s own listed companies also continue to suffer the ill-effects of a Leave vote.

Belfast tech firm Kainos saw its share price fall by almost 10% on Monday morning, following a 10% drop on Friday, before rallying at the close at 2%.

However, Newry firm First Derivatives saw its share price fall slightly, following a seven point drop last week.

And Wireless Group saw its share price fall by 2.6% on Monday.

Meanwhile the Bank of Ireland share price dropped by as much as a fifth during the mid-afternoon.

And the Irish Stock Exchange overall was down considerably, falling by almost 600 points by mid-afternoon.

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