Some €2bn has been wiped off the value of Ireland's holding in AIB
The share price of Bank of Ireland and Ryanair have fallen by about 40% and 25% in value respectively since Friday morning due to their exposure to the UK economy and the prospect of reduced value in sterling profits translated back to euro.
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 according to the Irish Independent.
As the half-year reporting season unwinds for most companies over the summer months Irish companies including Kingspan, Paddy Power, and C&C are expected to signal greater caution in their earnings outlooks for the full year.
HSBC, whose aviation analyst Andrew Lobbenberg has had a long and robust relationship with Ryanair, yesterday cut its net profit forecast for the airline in the current year by 12% and 24% for next.
It lowered its price target on the stock to $9 - it’s currently trading at €10.46 down from €13.70 last Thursday.
Meanwhile, there are also suggestions that Bank of Ireland may have to revisit plans to pay its first dividend in eight years next Spring – 40% of the bank’s loan book is based in the UK and just under 20% of its earnings derive from that economy.
The global stock market has lost a record $3tn (€2.7tn) over the last two days of trading after a sell-off of equities.
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.
Officials from the State body will have one-on-one meetings with Irish companies to survey their options.