Post by Fletchsmile on Jun 27, 2016 14:31:05 GMT 7
Keep your head - it’s largely business as usual for UK plc
Mark Dampier | 24 June 2016 | A A A
As you will have no doubt read, the UK has voted to leave the European Union. The result of the referendum was announced this morning with 52% voting to leave against 48% voting to remain.
Market update
The UK stock market and the pound had both rallied strongly over the past week in anticipation of a Remain vote. As such the market reaction was severe this morning, with the FTSE 100 opening sharply lower and sterling weakening significantly against the US dollar.
However, since then they both have regained much of the lost ground, and the FTSE 100 closed at 6,162 – remarkably just 2.8% down and at a similar level to that seen in the early part of the week.
Financials (especially banks) and housebuilders were among the worst-affected stocks, as investors fear Brexit will have a negative impact on both sectors. Conversely, defensive stocks generating large overseas revenues have fared much better - companies in sectors such as consumer goods, pharmaceuticals and tobacco have in some cases seen their share prices rise today.
What next?
contd.
...
www.hl.co.uk/news/articles/keep-your-head-its-largely-business-as-usual-for-uk-plc
Mark Dampier | 24 June 2016 | A A A
As you will have no doubt read, the UK has voted to leave the European Union. The result of the referendum was announced this morning with 52% voting to leave against 48% voting to remain.
Market update
The UK stock market and the pound had both rallied strongly over the past week in anticipation of a Remain vote. As such the market reaction was severe this morning, with the FTSE 100 opening sharply lower and sterling weakening significantly against the US dollar.
However, since then they both have regained much of the lost ground, and the FTSE 100 closed at 6,162 – remarkably just 2.8% down and at a similar level to that seen in the early part of the week.
Financials (especially banks) and housebuilders were among the worst-affected stocks, as investors fear Brexit will have a negative impact on both sectors. Conversely, defensive stocks generating large overseas revenues have fared much better - companies in sectors such as consumer goods, pharmaceuticals and tobacco have in some cases seen their share prices rise today.
What next?
contd.
...
www.hl.co.uk/news/articles/keep-your-head-its-largely-business-as-usual-for-uk-plc
