Housebuilders and domestically-focused stocks hit by fears of hard Brexit

Helen Cahill
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Construction In London
The pound fell six per cent overnight on Friday (Source: Getty)
he aftershocks of sterling's flash crash last week are still being felt in the City with domestic stocks suffering in trading today.

When markets opened in Asia on Friday, the pound fell six per cent in two minutes, a plunge thought to have been caused by automatic trading systems responding to comments by French President Francois Hollande, who had called for tough Brexit negotiations.

Read more: Pound slumps six per cent in two minutes

Builders have been some of the biggest losers today; housebuilder Berkeley Group's share price was down 3.42 per cent at time of writing. Builders' merchants Travis Perkins' share price fell 2.93 per cent, making it one of the FTSE 100's biggest fallers.

Persimmon and Taylor Wimpey's share prices were down 2.4 per cent and 2.10 per cent respectively. Barratt Development's share price was down 1.65 per cent.

Marks and Spencer's share price fell 4.2 per cent in morning trading, but has now regained ground, and is down 0.03 per cent.

George Salmon, equity analyst at Hargreaves Lansdown, said: "After Francois Hollande's comments, fears of a hard Brexit this morning knocked the UK's domestically focused stocks.

"Overall, however, continued sterling weakness has seen the FTSE 100 rise by 0.6 per cent, with the lower pound assisting many of the UK's stocks with international exposure."

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