The sell-off in financial markets is continuing on Monday as the fallout from the UK vote to leave the EU intensifies. Sterling resumed its historic decline today, weakening more than 3% since markets opened to sit at £0.83 against the euro. Since Thursday, sterling is down almost 10% against the single currency.

The UK currency is sliding even harder against the US dollar. Sterling has dropped more than 3% in value today against the dollar and is down more than 11% since Thursday. While the FTSE 100 stock market in London is in decline again today (down 2% at lunch), the sell-off in the Irish stock market is even greater.

The Iseq Index has plunged a further 9% in Monday’s trade as investors take a negative view of the consequences for Irish businesses over Brexit. Since Thursday, the Iseq has lost more than 16% in value as equities take a hammering.

Many of the hardest companies hit include Irish agri-food companies. With significant operations in the UK, the agri-service and inputs provider Origin Enterprises has taken a severe hit over the last two days following the UK’s decision to leave the EU.

Origin

Shares in Origin fell a further 6% during trading on Monday to €5.60 and are now down more than 10% since close of business on Thursday. As a result, almost €80m in value has been wiped off the market capitalisation of Origin since the Brexit result was announced.

Similarly, shares in Aryzta are also in sharp decline today, falling more than 7%, while Glanbia’s share price has come under pressure this afternoon having also plunged more than 7% to €15.70. Shares in Kerry Group are down almost 4% to €76.58.

The Irish-headquartered food-to-go specialist Greencore has also been hit hard in the last two days. Shares in the London-listed company are down 3% today and are back almost 10% since Friday morning.

The market volatility has hit a number of banks and financial institutions particularly hard in recent days. Bank of Ireland shares are down almost 20% today and more than 37% since close of business on Thursday.

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