The somewhat unexpected success of the ‘Leave’ campaign in the Brexit referendum, declared in the early hours of June 24th, precipitated a violent sell-off of UK equities with the FTSE100 losing over 500 points within minutes of it opening, following the results. However, by the month end it had recovered strongly to close at 6,504.30, up 4.39% on the month. Meanwhile, the wider FTSE 250 fell by 5.32% to 16,271.10; the reliance of the mid cap benchmarks member companies on the UK caused this sharper decline. The junior AIM market followed suit declining by 4.27% to 707.90. Global markets also reacted negatively, as the sentiment was reflected in Europe as the Eurostoxx50 lost 6.49% on the month, to close at 2,864.74. American markets fared similarly. The Dow Jones lost 0.80% in the month, ending at 17,929.99 while the technology based Nasdaq dipped by 2.13% to 4,842.67. Still there was no respite to the bearish sentiment in Japan as the Nikkei225 closed June at 15,575.92, down 9.63%. Negative sentiment had a far more profound effect in the foreign exchanges where, at one point on 25th June, Sterling had fallen to $1.32 against the greenback, only to claw back some ground to close the month at $1.35, to register a monthly fall of 6.90%. Sterling was also unloved in Europe with the pound losing 8.46% against the Euro to €1.19. The US Dollar remained flat in June against the Euro at $1.11. As always, in times of increased market volatility, Gold reclaimed its ‘safe haven’ status seeing a monthly rise of 8.81% to $1,322.15 a Troy ounce. ‘Black Gold’ – Oil, as measured by the Brent Crude bench