The ripple effect of Brexit continue as the Pound Sterling suffered another dent on Monday reaching a 31-year low against the dollar, below Friday’s nadir, at $1.31 and the UK was stripped off its AAA credit rating.
The Pound fell more than 3%, on top of the plunge of up to 10% witnessed after last week’s referendum.
The FTSE 100 closed 156.5 points, or 2.6% lower, at 5982.2, wiping £41bn off the value of its constituent companies and crucially falling below the psychologically important 6,000 mark.
The FTSE 250, which is a better indicator of the health of UK businesses than the more global FTSE 100, fell even more sharply. It closed 1120.2 points, or 7% lower, at 14967.9, wiping £22bn off the value of its constituent companies.
It means that more than £60bn has been wiped off the value of the UK’s biggest 350 listed companies today.