Market Comment - Enda Kenny to step down as Taoiseach

Davy Research
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Enda Kenny has stepped down as Fine Gael leader and will resign as Taoiseach once a new party leader has been elected. The leadership contest will be completed by June 2nd, and the new Taoiseach will then have to be elected by the Dáil, requiring the abstention of the main opposition party, Fianna Fáil, and the assent of Fine Gael’s independent coalition partners. The confidence and supply agreement on paper commits Fianna Fáil to abstain in the election of the Taoiseach, while the independent alliance has yet to publically state its intentions.