Brexit: Banks and housebuilders lead London's FTSE 100 plunge
London stock market opened sharply lower in wake of Brexit vote, plunging over 8% within minutes.
London's stock market opened sharply lower on 24 June, with the FTSE 100 plunging by over 8% to 5,808.72 within minutes.
Housebuilders and banks bore the brunt of the initial investor sell-off, with Persimmon down 40%, and Barclays and RBS falling by over 30%. Associated British Foods was another major slide, shedding 32%. Betting company Paddy Power shed 24% in early trading calls.
The contagion spread through European stock indices, with Euro Stoxx 50 down by 24.42%, Frankfurt DAX down 18%, Paris CAC 40 down 20.41% and Madrid IBEX down 31.02% at 8:26am BST.
UK voters chose to quit the EU after more than four decades in the bloc. The final count indicated that voters had backed 'Leave' by 52% to 48%.
Prime Minister David Cameron's government led pro-EU campaign was defeated by more than 1.26 million ballots, triggering one of the biggest daily slumps for the FTSE 100 since October 2008.
Following the result, the Prime Minister said he would step down at his Conservative Party's next annual conference in October.
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