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Investors Bet U.K. Stocks Can Banish Brexit Blues

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U.K. stocks have enjoyed a world-beating rally since December, as investors begin to buy back into one of their least-loved countries

The U.K. benchmark, the FTSE 100, is up nearly 8% since Dec. 1 in dollar terms. That puts it well ahead of the S&P 500, the MSCI World and the Euro Stoxx indexes, despite the U.K. beingThe recent market rally doesn’t make up for its stark underperformance since the U.K. voted to leave Europe in 2016. In dollar terms, the FTSE 100 is still below where it closed on June 23, 2016, the day of the Brexit referendum.

As investors move money into U.K. assets, they need to buy the British currency, and that should lift the pound. Savvas Savouri, chief economist at Toscafund Asset Management, a $4 billion hedge fund, believes the pound’s fundamental value in euros is about €1.30 apiece. But since Dec. 23, it remained flat at €1.11 before rising to €1.12 on Wednesday.

 

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