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Stockwatch: Damage Not Controlled

 
• By Andy Smith

As financial turmoil broke out around the world in the wake of the vote for Brexit, UK pharma majors GlaxoSmithKline and AstraZeneca saw their stock rise. There's an uncertain outlook for the broader life sciences sector.

Brexit

I was unfortunately and publicly proved right about two events last week. Unfortunate, because neither was a positive outcome. On the Brexit vote, I was right partly for the wrong reason since I guessed that there was a certain stigma associated with responding to a pollster with an intent to vote to leave the EU. I thought that some respondents would say that they were undecided even if they had decided to vote to leave and therefore the polls would underestimate the leave vote.

Whilst all of us in the UK now have to live with that stigma, there will be long-term financial implications that those who voted to leave the EU have not...

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