Since the referendum, the 50 large British firms that derive the largest proportions of their revenue from abroad represented by the Bats Brexit Low 50 index have done well. But the 50 most domestically orientated companies, the Bats Brexit High 50, have barely moved. The Low 50 have profited from the weak pound, which makes foreign earnings and dividends worth more in sterling terms. Brexit jitters and the UK slowdown have hampered the firms with high domestic exposure. On the plus side, many of these now look cheap, says Ed Bowsher in the Financial Times.
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