The pound's tailspin to a record low against the euro today was bad news for the share prices of sterling-exposed Irish companies and dragged down the Iseq index of Irish shares down 80 points or almost 3 per cent.
Irish Life & Permanent's gloomy interim management statement, which saw it write off €92 million investment in debts issued by Icelandic banks, saw the banking stock decline 7.7 per cent to €1.91, shedding 16 cent. But it was not the worst performer of the day, with all three of the other banking stocks falling by steeper percentages. Bank of Ireland was the biggest faller, declining 12.8 per cent to €1.32, a loss of 19 cent on the day.
Tullow Oil issued a brief statement containing few surprises and with oil trading below $60 a barrel for most of the day, it fell 11.8 per cent to €5.80, losing 78 cent.
Paper and packaging group Smurfit Kappa, which issued third quarter results, fell 2.5 per cent to €1.95.
Among the other sterling-exposed stocks, Independent News & Media dropped 11.9 per cent, Greencore fell 1.9 per cent and Aer Lingus was down 3.3 per cent to €1.16. After a rally earlier in the week following the announcement of a new management team, cider group C&C fell 2 per cent to €1.37.
Elsewhere, there were sellers but not many buyers in food group Aryzta, which lost more than 10 per cent, and insurance group FBD, which fell 8.2 per cent.
Very few stocks finished the day with any gains, but a good morning session for building materials group CRH helped it close up almost 2 per cent at €17.51, while other climbers on the day included Paddy Power, Kerry and Ryanair.