Opening Bell: Irish shares and banks go south, Cameron goes to Brussels, Enterprise Ireland's Brexit gathering

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Close to €450m had been wiped off the value of shares on the Irish Stock Exchange (ISEQ) by the end of trading yesterday evening, as the fallout from the UK's decision to leave the EU continues.

The value of the Irish State's holding in Bank of Ireland and Permanent TSB has fallen by some €640m - while the value of the State's 99% stake in AIB is worth some €2bn less than it was before the referendum.

The global stock market has lost a record $3tn (€2.7tn) over the last two days of trading after a sell-off of equities.

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Enterprise Ireland will gather its international workforce for a special week-long 'think in' to inform Irish companies about new export opportunities.

This will aid Irish suppliers who are reliant on the British market which is expected to enter a downturn in the wake of its decision to leave the EU, according to the Irish Independent.

Officials from the State body will have one-on-one meetings with Irish companies to survey their options.

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David Cameron will face EU leaders today for the first time since British voters decided to back Brexit in a historic referendum vote.

The British Prime Minister is expected to urge heads of state and EU institutions to be "constructive" about negotiations over a new relationship between the UK and Europe at a summit in Brussels.

But he will also reject calls to immediately trigger the formal process for Britain to leave the EU - insisting it is a matter for his successor who may not be in place before September 2nd.

He will be excluded from meetings on the second day of the summit, when the other 27 leaders will discuss taking a collective bargaining position with the UK.

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Volkswagen has agreed a settlement deal in the US valued at more than €11bn.

The world's second largest car maker will have to repair or buy back all of their diesel cars.

It's after it was discovered the company had fitted them with software to fool emissions tests.

 

Additional reporting by IRN