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Irish stock market has worst fall Irish stock market has worst fall
(about 4 hours later)
The Irish Stock Exchange has had its worst fall in its history, shedding 12.7% amid continued global anxiety.The Irish Stock Exchange has had its worst fall in its history, shedding 12.7% amid continued global anxiety.
Shares in Anglo Irish Bank were down more than 45% at one stage, while Irish Life & Permanent fell by more than 30%.Shares in Anglo Irish Bank were down more than 45% at one stage, while Irish Life & Permanent fell by more than 30%.
It comes amid further falls on global markets and as banks failed in the US, Europe and the UK.It comes amid further falls on global markets and as banks failed in the US, Europe and the UK.
The 481-point drop to 3,304 shattered the previous worst day in Irish trading in 1987, when the Dublin market fell 8.8% in the wake of Black Monday.The 481-point drop to 3,304 shattered the previous worst day in Irish trading in 1987, when the Dublin market fell 8.8% in the wake of Black Monday.
As of Monday, the index had lost 72% of its value since reaching its record high of 11,815 17 months ago.As of Monday, the index had lost 72% of its value since reaching its record high of 11,815 17 months ago.
Last week the Republic of Ireland's economy fell into recession after shrinking for a second quarter in succession. Last week, the Republic of Ireland's economy fell into recession after shrinking for a second quarter in succession.
The Central Statistics Office said gross domestic product had contracted by 0.5% in the three months to the end of June.The Central Statistics Office said gross domestic product had contracted by 0.5% in the three months to the end of June.
It is the first time Ireland has experienced a recession since 1983. It is the first time the Republic of Ireland has experienced a recession since 1983.