There have been widespread losses across the board on stock markets this week, as investors react to potential further hikes in interest rates. The US Federal Reserve is likely to increase lending rates in December, while Europe is also on a patch towards lifting lending rates, with the ECB’s quantitative easing policy nearing its end.

The prospect of higher lending rates has sent financial markets in Europe and the US sharply lower since Thursday. In Ireland, there were sweeping losses for shares in most companies.

Of the agri food companies listed on the stock market, the losses were widespread. Kerry Group, Glanbia, Aryzta, FBD, Origin Enterprises, Total Produce and Donegal Investment Group all posted losses this week.

Shares in Aryzta are down more than 9% in the week to €8.83, while Kerry Group shares are down over 6% to €87.70. Even Glanbia, which announced the $350m acquisition of SlimFast on Thursday, saw its share price plunge 9% in the week to €13.85.

FBD shares are down 2% to €10.20, while shares in Origin Enterprises have fallen more than 5% in the week to €5.34.

On oil markets, the price of Brent crude oil is down more than 5% this week to just over $80/barrel.