Barclays and RBS suspended from trading after Brexit financial crash

Barclays and RBS suspended from trading after Brexit financial crash

UK shares have remained volatile in the wake of the Brexit vote, with trading in Barclays temporarily suspended and airline Easyjet falling more than 16%.

Barclays shares were suspended after falling more 10%, while Royal Bank of Scotland fell nearly 9%.

Easyjet’s fall came after the airline said revenues would fall more than expected, partly because of Brexit.

Overall, the FTSE 100 fell more than 1% at 6,069,23 in early trade, but the fall was not as bad as some had feared.

Property shares were also badly hit on worries that the decision to leave the EU would hit the housing market. Taylor Wimpey and Barratt Developments both fell more than 11%.

The heavy losses in such a short space of time triggered automatic circuit breakers on the London Stock Exchange.

That led to a five-minute halt while investors analysed the next move.

Lloyds bank also fell by 8.9 percent while easyJet issued a profit warning with stock falling by 15 per cent and British Airways’ parent company IAG went down 9.4 per cent.

‘The UK’s vote to leave the EU will drive tectonic plate shifts in European bank investing. We move to a slow growth/modestly recessionary scenario for UK banks,’ analysts at Jefferies said in a note, downgrading RBS to ‘hold’ and Barclays to ‘underperform’.