The FTSE 250 mid-cap index has taken only five weeks to recover from its post-Brexit slump. It is a better barometer of the domestic economy than the FTSE 100, so the rebound has been seen as a vote of confidence in the UK.
However, the post-Brexit surveys have been mixed and hard data will only be available in the autumn. Anticipation of looser monetary policy played a part in the bounce, says Elaine Moore in the FT.
The mid-caps also still make around half their sales overseas, and the multinational companies have done much better than their domestically orientated counterparts.