26

JUN

One year on from Brexit vote: business's winners and losers

Posted in: Blog

It’s been a poor year for the pound, savers and UK-focused retailers but firms with sizeable foreign earnings have prospered!

Britain’s consumers and UK-focused firms are among the biggest losers one year on from the shock Brexit vote that drove the value of the pound to its lowest level in more than 30 years.

On the first anniversary of the EU referendum, financial services company Hargreaves Lansdown said clear winners and losers have emerged, with the pound taking the biggest hit on the markets. Blue chip companies with a large proportion of foreign earnings are among the biggest winners.

The pound tanked when the result of the referendum became clear on 24 June and 12 months on the currency is still down 15% against the dollar at just above $1.26. It is also down 14% against the euro, at about €1.13.

The Brexit vote appeared to scupper the idea that the Bank of England would soon increase borrowing costs, with market expectations of a rate rise by 2018 plunging from 86% on the day of the referendum to 20% now.

The biggest 10 companies listed on the FTSE 100 have become more dominant since the Brexit vote: they now account for 46% of the leading index.

FTSE 100: biggest risers

  • Glencore: +80.8%
  • Antofagasta: +71.6%
  • Coca-Cola: 69.4%
  • 3i Group: 60.4%
  • Intercontinental Hotels Group: +55% 

FTSE 100: biggest fallers

  • Capita: -38.4%
  • BT Group: -34.9%
  • Dixons Carphone*: -29.5%
  • Hikma Pharmaceuticals: -27.8%
  • Next: -27.3%
  • *Dixons Carphone dropped out of the FTSE 100 in March 

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