Brexit fallout makes for rocky start on Australian share market

The share market has had a rocky start to the week in the aftermath of Britain's vote to exit the European Union.

Stocks plunged at the open before swinging between gains and losses.

The ASX 200 index was 0.5 per cent higher at 5,137 while the All Ordinaries Index added 23 points to finish on 5,216.

Telecommunications and utility stocks had the biggest gains as investors sought haven amid the post-Brexit uncertainty.

TPG added 3.1 per cent to $11.75 and Telstra added 2.2 per cent to $5.47.

Mining stocks also rallied on higher prices for iron ore and gold — Fortescue Metals had the biggest gains on the benchmark index, soaring by 8 per cent to $3.53.

Gold miner St Barbara finished in the top three, up 6.8 per cent to $3.28.

British investment manager Henderson Group was down nearly 16 per cent to $3.75.

NAB's British banking spin-off CYBG tumbled 9.4 per cent to $4.14.

ANZ fared the worst, down 0.7 per cent to $23.27, and the Commonwealth Bank had the biggest rise, up 0.3 per cent to $72.80.

There was more volatility on currency markets as investors bought the yen and the greenback but dumped the battered British pound.

The pound recovered some ground late in the day though, after British Chancellor George Osborne took steps to soothe investors before the start of British trade.

In his first public statement since the Brexit vote, Mr Osborne said Britain was prepared to deal with the fallout and "equipped for whatever happens".

About 5:00pm AEST the Australian dollar was buying 74.2 US cents, 67.2 euro cents, 75.6 Japanese yen and 55.2 British pence.

In commodities, oil prices were higher after last week's sell-off, with Brent crude fetching $US48.58 a barrel.

Spot gold was also higher and trading around $US1,327 an ounce.

Source: ABC News

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