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ASX All Ords cops a black eye after Brexit bashing

Hey, I'm Australian, what does the Brexit mean for me?Well, falling local equity markets may have hit your portfolio, but if you hold it all in gold, you are up about 8% today.
ASX All Ords cops a black eye after Brexit bashing

The morning started out well, the ASX SPI 200 was up 60 points in the pre-open, and a sense of calm was across the markets.

Anticipation was that the UK would remain in the European Union, and even 9 out of 10 bookies backed it, and then never get it wrong, do they?

Yes they do.

It may have only been a tick over 51% - but Brexit won.

As investors started to realise, Australian equities headed lower.

At 3pm, and with an hour of Australian trade to go, the benchmark ASX All Ordinaries is down 3.3% to 5182.

We now have to wait and see what happens on European and U.S. bourses tonight, to see if the sell-off was an overreaction - or perhaps - an under reaction.

Electronic gold has soared 7.2% to US$1347 an ounce, or in Aussie Dollars, has passed A$1820 an ounce.

Get ready for the hedging announcements to start.


BLUE CHIP ROUND-UP

Major miners

BHP Billiton (ASX:BHP) down 7.7% to $17.57; Fortescue Metals Group (ASX:FMG) down 6.8% to $3.3; Newcrest (ASX:NCM) up 9.75% to $23.75; Rio Tinto (ASX:RIO) down 5.68% to $43.2.


Energy or Oil and Gas

Oil Search (ASX:OSH) down 4.72% to $6.35; Santos (ASX:STO) down 7.68% to $4.57; Woodside Petroleum (ASX:WPL) down 3.91% to $25.56.


Big 4 banks

ANZ Bank (ASX:ANZ) down 4.75% to $23.28; Commonwealth Bank (ASX:CBA) down 3.4% to $72.47; National Australia Bank (ASX:NAB) down 3.67% to $24.64; Westpac (ASX:WBC) down 4.49% to $28.32.


Other banks, financials and industrials

AMP (ASX:AMP) down 4.47% to $5.13; Bank of Queensland (ASX:BOQ) down 4.62% to $10.33; Bendigo and Adelaide Bank (ASX:BEN) down 3.57% to $9.19; Macquarie Group (ASX:MQG) down 6.3% to $71.75; Suncorp (ASX:SUN) down 2.47% to $11.86; Telstra (ASX:TLS) down 1.69% to $5.25.


Retailers

JB Hi-FI (ASX:JBH) down 3.12% to $22.64; Wesfarmers (ASX:WES) down 3.73% to $39.28; Woolworths (ASX:WOW) down 1.87% to $20.46.

 

Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX emerging companies with distribution in Australia, UK, North America and Hong Kong / China.

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