Spreadex Market Update

FTSE and pound hover near recent highs as Brexit referendum gets underway



Unsurprisingly with the polls now open, and Britain’s place in the EU ostensibly hanging on a knife edge, investors are sitting firmly on the side-lines this Thursday, the European indices barely budging from their starting prices.

Having reached 6300, in yet another sign of what result investors are predicting come Friday morning, late on Thursday the FTSE is sitting pretty at that 2 and a half week high, the UK index showing precious little interest in moving from this level. The pound, on the other hand, is being a bit more adventurous, rising half a percent against the dollar and 0.3% against the euro, once again holding strong at its effective 2016 highs.

As for Spreadex’s Brexit referendum prices, we are offering a Remain Vote Share spread of 53.5-54.5, against a Leave Vote Share spread of 45-46. There’s also the Remain Binary Index – making up to 100 in the case of a Remain win, and 0 in the case of a loss – spread of 80-84.7.

Helping provide an extra bit of momentum in what is still likely to be a dull day of trading, Tesco rose over 2% this morning as it posted a 2nd consecutive quarter of like-for-like UK sales growth (matching analysts’ estimates at 0.3%) for the first time in over 5 years. The fact that such a meagre success has become a notable win for Tesco reflects how tricky the supermarket sector has become; it also doesn’t change the fact that the company still faces a tough task in trying to achieve any substantial profit growth this year, as supermarket’s continually cut prices to keep up with the competition.

Over in the Eurozone the DAX and CAC saw a similar start to the FTSE, both indices opening effectively flat. It likely hasn’t helped that the French and German flashing manufacturing and services PMIs largely missed analysts’ estimates, with the former’s figures especially stuck in contraction territory. 

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