Pound slumps to 30 year low, shares plunge in London
June 27 2016 01:25 PM
London Stock Exchange
Pedestrians pass the entrance to the London Stock Exchange in central London on June 27, 2016. Shares in banks, airlines and property companies plunged on the London stock exchange Monday as investors singled out the three sectors as being the most vulnerable to Britain's decision to leave the EU.

AFP/ London

The pound tumbled Monday to the lowest level in almost 31 years on economic and political uncertainty after Britain voted last week to leave the European Union.

At about 0955 GMT, sterling slumped to $1.3222 -- the lowest level since September 1985 -- having rebounded slightly after a similar trough was struck on Friday.

Banks, airlines, property shares plunge

 Shares in banks, airlines and property companies plunged on the London stock exchange as investors singled out the three sectors as being the most vulnerable to Britain's decision to leave the EU.
EasyJet stock fell over 16 percent after the company issued a profit warning, while British Airways parent IAG's shares were down 9.4 percent at around 0900 GMT.
Royal Bank of Scotland shares plunged more than 15 percent, Lloyds by 8.9 percent and Barclays by 10.2 percent.
Following Friday's selloff, "concerns about the banking sector continue to be a pressure point for investors," said Michael Hewson, chief market analyst at CMC Markets UK.
He noted that banking stocks in the eurozone also came under heavy selling pressure again, notably Deutsche Bank in Germany, as well as Italian and Spanish banks.
Among London property shares, Taylor Wimpey fell 12.4 percent.
The key FTSE-100 index was down 1.3 percent.



There are no comments.

LEAVE A COMMENT Your email address will not be published. Required fields are marked*
MORE NEWS