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Dublin: 3 °C Tuesday 18 February, 2020

Irish Life shares tank after stress test results

Shares in AIB and Bank of Ireland have a good day – but Irish Life & Permanent shares fall through the floor.

Image: Peter Morrison/AP

SHARES IN IRISH Life & Permanent have had their worst day in stock exchange history, as their value fell by 58 per cent in their first day back trading after a two-day suspension.

In their first day back in active trading following yesterday’s stress test announcements, shares in the lender fell from 41c to 17c apiece – a drop of 58.02%, the worst single-day drop in the institution’s history.

Shares had been worth 74c at the close of trading last week – but dropped by 45 per cent on Tuesday, prior to the two-day suspension.

The two other Irish banks still on the stock exchange had a significantly better day, however: Bank of Ireland, which has indicated its intention to raise its €4.2bn in capital requirements without needing the State’s assistance, saw shares rise 9c to 31c – an increase of almost 39 per cent.

AIB shares, too, saw their shares rise by over 8 per cent, up 2c to 20c each.

The value of Irish government debt rose, though its progress was more moderate – the yield on the state’s 10-year bonds fell below the 10 per cent barrier, sitting at 9.978 per cent when trading closed for the weekend.

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About the author:

Gavan Reilly

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