Finance

Elaine He oversees Bloomberg Gadfly's data visualization work in Europe and also pursues her own columns combining business and markets coverage. Before joining Bloomberg, she was a graphics editor at the Wall Street Journal and the New York Times.

Chris Hughes is a Bloomberg Gadfly columnist covering deals. He previously worked for Reuters Breakingviews, as well as the Financial Times and the Independent newspaper.

Theresa May might not like it, but there's one early winner from the Brexit vote: the global capitalist elite. The British leader bemoans rising asset prices, but the decision to quit the EU has put a rocket under U.K. stocks. These are within a whisker of record highs after the pound plunged to a three-decade low against the dollar. The mid-cap-focused FTSE 250 index has already hit fresh peaks, though the blue chip FTSE 100 hasn't quite breached last year's record.

It's no secret that the beneficiaries of the post-Brexit rally are generally bigger companies that get a proportion of revenue outside the U.K., in currencies other than sterling. This chart of FTSE 350 companies shows just how stark that effect is -- the best performers since the referendum have tended to be bigger and more multinational. As long as currency markets take a dim view on Brexit, that isn't going to change.

20161006_BREXIT

This column does not necessarily reflect the opinion of Bloomberg LP and its owners.

To contact the authors of this story:
Elaine He in London at ehe36@bloomberg.net
Chris Hughes in London at chughes89@bloomberg.net

To contact the editor responsible for this story:
James Boxell at jboxell@bloomberg.net