Irish Bank and Property Stocks Lead Slide After Sinn Fein Surge

(Bloomberg) — Ireland’s benchmark Index fell as much as 1.4% at the open on Monday after polls put Sinn Fein in place for a possible role in government.

Banking and property stocks led declines, with Bank of Ireland Group PLC (IR:) and AIB Group PLC (IR:) falling as much as 7.8% and 6%, respectively. Irish Residential Properties REIT Plc slid as much as 8.3%, while Glenveagh Properties PLC (IR:) fell 7%. Shares of Cairn Homes PLC (IR:) dropped as much as 3.4%.

Opposition party Fianna Fail is currently projected to get the most seats at 45, with Sinn Fein projected to win 37 and the incumbent Fine Gail 36 — all a long way short of the 80 needed for a majority. Sinn Fein’s economic policies are more left-wing, including a wealth tax, a freeze on residential rents, a public housing program and lowering the retirement age.

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