Investors Urged to "Stay Calm" as Markets Plunge on Brexit Vote

Markets plunge in response to surprise Brexit vote, wiping billions off the UK stock market and value of sterling

Emma Simon 24 June, 2016 | 9:51AM

The FTSE 100 has plummented in early morning trading after the UK voted to leave the European Union in yesterday's referendum.

Sterling fell sharply on international currency markets - and now stands at its lowest level against the dollar for over 30 years. Early this morning it was trading at $1.32 - though had recovered slightly to $1.37 just before 9am. The euro has also fallen against the dollar.

London stock markets suffered a similar seismic shock. In early trading 8.7% was wiped off the value of the FTSE100. Worst hit were the banks and housebuilders - with some stocks falling by 35%.

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About Author

Emma Simon

Emma Simon  is a financial journalist, specialising in investment and consumer issues, writing for Morningstar.co.uk

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