The FTSE 100 in London plunged more than 8% in early trading to wipe more than £120bn off the value of the market.

The FTSE recovered a little as the morning wore on but remains down 5%. Interestingly, the Irish stock market (ISEQ) has taken a bigger hit from the UK’s decision to leave the EU than any other exchange.

The ISEQ plummeted 17% at the beginning of trade this morning to its lowest level in 18 months. Although the market has since rallied back somewhat, it remains more than 9% back from its opening position with many Irish companies heavily dependent on the UK market in terms of trade.

In the lead up to the vote, Ireland’s agri-food sector was the first to be singled out as the biggest loser from a British exit of the EU as trade would almost certainly be affected.

Share prices in Glanbia, Kerry, Aryzta, Origin Enterprises and a whole host of other agri-food listed companies are all down sharply this morning. Shares in Kerry Group have fallen by almost 5% already today to €76.30, while Glanbia shares are also back 5% to €16.50.

Agri-service and inputs provider Origin Enterprises was the hardest hit during this morning’s trade. The group, which is heavily invested in the UK market, has seen its share price plummet close to 12% this morning.

Shares in Donegal Investment Group have also slumped sharply this morning falling by more than 11%, while the specialist bakery company, Aryzta, has seen shares fall by more than 3%.

In Europe, French and German stock markets are down 6% and 7%, respectively.

Read more

Full coverage: Brexit