The Irish stock market dropped more than any other main exchange in Western Europe today, as worries rise that the United Kingdom may leave the European Union without a formal agreement.

The ISEQ closed down 3.83% at 5,957, with Bank of Ireland (-6.6%) and Ryanair (-7.9%) among the biggest fallers.

This compares with average losses of around half a percent on Europe's major stock exchanges.

Ireland is considered the European economy most exposed to the fallout from Brexit, given its strong trading relationship with the UK.

New trade figures released today show Ireland is reducing its dependency on the British market, with exports to the UK falling by 5% during September.

Sterling has also fallen significantly today, with the euro up 1.87% on the day to trade at 88.7 pence.