HAMISH MCRAE: If you adjust for the fall in the pound, shares are barely up at all since the Brexit vote
What on earth are the markets trying to tell us? Brexiters are crowing that all three of the main share indices – the FTSE 100 of the giants, the FTSE 250 of the medium-sized companies, and the FTSE SmallCap index – all went through their previous highs yesterday, the first time they have all done so since December 30, 1999.
Remainers, on the other hand, are focusing on the fall of the pound, now at a 31-year low against the dollar, and a three-year low against the euro.
There is a simple two-part answer to this. One half is that a weak currency is good for most companies because in the... read more
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