Brexit Proves Bane for This U.K. Stock Index as Peers Rally
- FTSE Local U.K. index underperforms FTSE 100 by most on record
- Stocks dependent on domestic market see fallout from Brexit
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In a year when most British stock benchmarks have dodged Brexit’s punch, one U.K. gauge is getting bruised.
While a slumping pound boosted exporters, sending the FTSE 100 Index and gauges of mid- and small-cap shares to new highs this month, the FTSE Local United Kingdom Index is poised for its biggest annual drop since the global financial crisis. The measure of companies that get most of their sales from the country fell to a two-month low this week and remains below its level on the day of the U.K. referendum.