North West Plc values fall 8% on Brexit outcome

THE value of the North West’s largest public companies have collectively fallen by £2.4bn in the hours following the UK’s vote to leave the European Union.

North West companies in the FTSE350 have seen their combined total value fall around 8% to £24.2bn, since 8.00 this morning.

The region’s retailers have not fared well – N Brown and JD Sports have suffered the most, with each seeing their market value fall by around 15% or £102m and £405m respectively.

Autotrader saw its market capitalisation fall by around 13%, which represented the largest overall loss in terms of value, with £550m wiped out.

Other sectors across the region have fared much better, with our only FTSE100 company United Utilties seeing values fall by just 1% to £6.2bn.

Pharma and tech firms all saw their market cap fall by less than 5%.

The FTSE 100, which lost more than 500 points in early trading, had recovered half its losses by lunchtime but was still down more than 4%. Similarly the FTSE 250 also staged a partial recovery through the morning, but remained 8% lower than last night’s close.