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Vote to leave European Union impacts listed dealer groups share values

Share prices of the UK’s publicly listed dealer groups dropped sharply this morning following news that the UK’s electorate had voted to leave the European Union.

Cambria Automobiles traded at 75.5p yesterday afternoon but fell to 62p this morning, a 17% drop, before beginning to recover.

Pendragon  traded at 37.8p yesterday afternoon but fell to 29p by 9am this morning, a 21% drop.

Caffyns went from £5.89 yesterday afternoon to £5.45 this morning, a 6% drop.

Marshall Motor Holdings traded at 75.5p yesterday afternoon but fell to £1.70 this morning, a 15% drop

Vertu Motors fell to 48p this morning, a 16% drop from yesterday’s 57.5p.

Lookers fell to 116p this morning, a 16% drop from yesterday’s 145.5p, but has begun to recover

Inchcape traded at £6.80 yesterday afternoon but fell to £6.03 this morning, before beginning to recover.

More broadly, the stock market has now clawed back half of its losses, following Bank of England governor Mark Carney’s pledge to provide £250bn of funds to calm the situation.

The FTSE 100 is now down 274 points, or 4.3%, at 6065 – still a very large fall that wipes out around £70bn.



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Comments

  • Mark - 24/06/2016 12:31

    A great day for Democracy over Corpocracy! Automotive corporations have lined up in support of 'Remain' over recent weeks, threatening the livelihoods of hard working British people. It's time for corporations to listen to the voice of the people. Automotive corporations have paid the price this morning with falling share prices, for their arrogance towards the will of the people. Lets hope they rethink their values, update their rhetoric and avoid losing the support of their workforce... their most valuable asset!

  • Chris - 24/06/2016 20:40

    Ridiculous thing to say. The warnings came from businesses run by businessmen and women who could clearly see the potential domino effect of Brexit, including share prices, the strength of the pound against other currencies, petrol price increases, less money in your pocket, less public retail spending, less tax paid to the government, cuts to spending including the NHS, ending with either a mini recession or a few years of uncertainty, unlike Joe public who only saw immigration as the problem. Can you imagine someone trying to escape a war torn country or from one if our EU neighbours travelling hundreds, if not thousands, of miles, just to sign on the dole for seventy quid a week! Well done to a bunch of racist, ignorant, collection of sheep. If I was on Twitter I'd use #furious.