Royal Bank of Scotland (LON:RBS) and Easyjet (LON:EZJ) have been the worst performing stocks on the FTSE 100 since the UK voted to leave the EU almost three months ago today, according to research from Hargreaves Lansdown.
Mining stocks on the other hand have enjoyed something of a renaissance, with Fresnillo (LON:FRES), Glencore International (LON:GLEN) and Anglo American (LON:AAL) all among the top post-Brexit winners.
“The last three months have been the best of times for some sectors, and the worst of times for others,” said Laith Khalaf, senior analyst at Hargreaves Lansdown.
“The share prices of banks, airlines and property funds have all been burned by Brexit, while companies with international revenue streams have enjoyed a Brexit boost.”
As Khalaf pointed out, banks, airlines and housebuilders have generally borne the brunt of Brexit, with investors shunning stocks which are “heavily plunged in the UK economy”.
On the other hand, the last three months has seen the rise of the miners, thanks to rising commodity prices and a weakening pound.
That last point also means that companies with international earnings have fared pretty well since the referendum, with the likes of AstraZeneca (LON:AZN) and Burberry Group (LON:BRBY) benefitting from their global footprint.
Five best performing stocks since 23 June:
Fresnillo, up 45.4%
Glencore, up 35.9%
Anglo American, up 32.5%
AstraZeneca, up 32.3%
Micro Focus (LON:MCRO), up 32.2%
Five worst performing stocks since 23 June:
easyJet, down 31.8%
Royal Bank of Scotland, down 25.5%
International Consolidated Airlines Group (LON:IAG), down 22.7%
Lloyds Banking Group (LON:LLOY), down 20.8%
Taylor Wimpey (LON:TW., down 20.3%
Looking forward, Khalaf thinks we might have to wait a little while yet to feel the full effect of Brexit.
“It’s still very early days in the process of Brexit, and no doubt there are more thrills and spills to come,” he said.
“So far economic data has held up relatively well since the vote, but it may be we are still waiting for the aftershocks to register.”
He added that, although the future is inherently uncertain, equities probably represent the best money-making opportunity at the moment.
“In the short run there is no telling which way the stock market is heading, but for long term investors there are really very few other options for harvesting a decent return, given the low returns now available on cash and bonds.”