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The Accumulator: sea of red as pound surges

The Accumulator: sea of red as pound surges

by Daniel Grote Apr 21, 2017 at 14:32

The pound's surge after prime minister Theresa May surprise election announcement sparked heavy losses for investors this week.

As our exclusive Accumulator data table shows, UK investors suffered losses from all major global stock markets in the five days to yesterday, with the pound's strong rise since Tuesday the main culprit.

Up 2.5% against the dollar and the yen as campaigning gets underway for a snap general election expected to result in a stronger Conservative majority, strong sterling led to losses both at home and abroad.

While the weeks following last summer's Brexit vote saw the value of overseas assets flattered by sterling's heavy fall. This week saw the opposite dynamic in play.

The FTSE 100 was down 2.8%, hurt by the dent to overseas earnings, which account for around three-quarters of revenues for the index's members.

The heaviest falls were seen in oil, where the pound's rise exacerbated falls for the dollar-priced commodity, with UK investors losing 11.4% over the week.

You can access the Accumulator table here.

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