Financials, insurers pace drops

The latest Brexit poll results sent traders scurrying for cover as they revealed another small lurch towards the UK leaving the European Union on 23 June.

Although most analysts appeared wary of trusting the results of polls, especially those of the on-line variety, on Monday bookmaker William Hill did cut its odds for 'Brexit', saying trading was assigning a 36% chance to a decision by Britons to leave the EU.

Financial markets took note, with shares of life insurers, financial stocks and banks all getting knocked lower.

Cable was relatively staid, drifting down by 0.28% to 1.4216, but only because it had already gotten the wind knocked out of it last Friday, after the release of the latest ORB/Independent poll results after the close of trading in London that day.

Shares in Lloyds were particularly weak after analysts at SocGen reportedly said Brexit damps demand for its shares.

Banks was the worst performing group on the Continent, with the DJ Stxx 600 pan-European gauge of bank shares registering a retreat of 2.70% or 3.77 points to 135.97.

Bookmaker William Hill offered odds of 7/4 or 36% probability of Britain voting for Brexit, and a 4/9 or 69% probability of a Remain vote.

William Hill Spokesman Graham Sharpe said: “We had to halve our odds on Monday morning for a Brexit result.

“Political punters betting with William Hill that the EU referendum will produce a Leave/Brexit outcome have forced the odds down to their shortest level since the date of the vote was confirmed back in February.”

Top performing sectors so far today

Automobiles & Parts 6,324.47 +0.11%

Bottom performing sectors so far today
Industrial Metals & Mining 1,198.59 -3.72%
Fixed Line Telecommunications 4,680.96 -2.72%
Financial Services 8,405.53 -2.24%
Banks 3,117.01 -1.93%
Life Insurance 6,447.90 -1.89%