(MENAFN- ProactiveInvestors - UK) Well, that was all a bit off-piste but not quite the Armageddon that some doom-sayers had predicted.
The FTSE 100 closed down 199 points, or 3.2%, at 6,139 on the day, having slumped as low at 5,789 at one point.
If one takes a longer view, over one week, for instance, it has actually been a good week for the blue-chips, with the Footsie up 118 points, or 1.95%.
The FTSE 250 was hit a lot harder than the FTSE 100 today, which, being stuffed full of multi-national companies could probably afford to take a more global view. The up-and-comers and has-been mid-caps of the FTSE 250, however, appear to be viewed as much more likely to be hit by the UK''s departure from the EU, and the index finished 7.2% lower.
Aim shares did not escape unscathed, with the FTSE Aim 100 index off 35 at 3,341 while the broader-based Aim All-Share tumbled 3.2% to 704.
Among the blue-chips, house builders took an absolute battering, with Taylor Wimpey PLC (LON:TW.), Persimmon PLC (LON:PSN) and Barratt Developments (LON:BDEV) all down by more than 20%, on fears that Britain turning its back on Europe will lead to an excess of highly-paid talent.
British Airways owner International Consolidated Airlns Grp SA (LON:IAG) was quick off the market with the first Brexit-inspired profit warning.
The shares slumped 23% as it said while it continues to expect a significant increase in operating profit this year, it no longer expects to generate an absolute operating profit increase similar to 2015.
There was some bright news, though it was largely overshadowed by macro events, and one such example was Oilex Ltd (LON:OEX), which rose 12% as it revealed it plans to drill a vertical well at the Cambay Block in Gujarat state in India once it can get the finances.
It was a good day to be holding gold, as the yellow metal rose in response to political turbulence, and it was an even better day to hold shares in Greatland Gold PLC (LON:GGP), which rose 9% on the back of a director share purchase.
Proxama PLC (LON:PROX), the proximity market expert, slid from 0.725p to 0.4p as it placed 667mln shares at 0.3p a share.
UPDATE - 3PM
Britain''s blue chips were faring better as the day wore on post the shock Brexit vote, and FTSE100 is down 2.46% at 6,182, having slumped almost 9% as trading began earlier in the day.
It comes as investors are taking the opportunity to buy in amid depressed prices and market turmoil.
Chief among stocks punters are buying are banks and house builders, understandable since they were big laggards.
Online investment platform AJ Bell is seeing increased activity and Russ Mould, investment director said: "Market volatility driven by sentiment rather than company fundamentals is normally short-term and many investors seem to be focusing on what really drives share price valuations over the long term profits and cash flow growth.
''Ultimately the price paid for a share is the ultimate arbiter of return and some long term investors are clearly viewing today''s market fall as an opportunity to pick up quality stocks at a depressed price.''
Lloyds (LON:LLOY) and Barclays (LON:BARC) topped its best buy table, accounting for 17% of all purchase after their share prices fell 20%. Taylor Wimpey (LON:TW.), down 26% Persimmon (LON:PSN), down 26.6% are also in the top ten.
Meanwhile, much of the wider market chatter centres on the importance of securing a quick negotiation with the EU with economists warning that Great Britain could go into recession if a deal cannot be negotiated quickly.
MIDDAY
Britain''s premier share index is down 4.49% at the midday point, while other European shares are tanking after the country took the unprecedented step of voting to leave the European Union.
Prime Minister David Cameron, who had argued that Britain would be "stronger, safer and better off" inside the club says he is resigning as "fresh" leadership is required to helm the ship as the country takes a new path. But he says he will help to steady the ship for the next three months before a replacement is chosen.
Fellow Tory and Brexiteer Boris Johnson is the main man in the frame.
New Labour leader?
The prospect of an election on a new Labour party leader has also raised its head as a motion of no confidence in Jeremy Corbyn has been tabled for next week over his perceived poor handling of the referendum campaign.
Scotland voted overwhelmingly to remain in the EU and first minister Nicola Sturgeon says it is likely there will be a second referendum on whether Scotland should leave the UK.
Gibraltar, the peninsular, a British overseas territory, which voted to stay in, may go back into Spanish hands , it has emerged, as Spain will now probably push to control the "Rock" once more.
FTSE100 stands at 6,052, down 4.5%, or 293 points at the time of writing, a people try to make sense of the wider implications, but this is hard to do. The pound sunk to a 30 year low, while safe haven gold surged. In mid-caps, FTSE 250 is also declining sharply due to the domestic focus of most of its constituents.
There had been talk of an emergency Budget though this had not featured so far. BoE governor Mark Carney said he had been in contact with Chancellor George Osborne throughout the night and has sought to reassure by saying the central bank will take any measures needed to secure economic and financial stability.
Big cap miners were on the up as gold soared but house builders and banks were sold off sharply. See more here.
Most significant scheduled event ever
Marshall Gittler, of online trading platform fxprimus said: "I''ve been in the markets almost 40 years and I''d say that this was the most significant scheduled event I''ve ever experienced. There were a lot of important surprises, like the fall of the Berlin Wall or the collapse of Lehman Bros., but I''ve never, ever seen a scheduled, orderly event that changed history like this before."
UPDATE AT 10AM
FTSE100 recouped some lost ground and is down over 4% to 6,063 at the time of writing as world markets digested the shock EU referendum result.
House builders and banks were taking massive hits, with Taylor Wimpey (LON:TW.) down over 27% and Lloyds (LON:LLOY) crashing over 19%.
Over 17mln voters chose to leave the EU club versus around 16mln who wanted to stay in the most hotly contested election for years, and what happens next is uncharted territory.
In Europe, the French CAC 40 is down over 7% to 4,121, while the German DAX lost 5.74% to 9,667 demonstrating the worry European markets have over trade between the UK and the bloc and future trajectory of the European project.
There are calls for a second referendum by remain supporters as they reckon the margin of victory was narrow, and an online overgarment destitution has crashed such was the volume of signatures.
OPEN
Britain''s top share index opened almost 7% lower after a historic EU referendum vote and as PM David Cameron told the nation he will resign.
FTSE100 is down 384 points at the time of writing at 5,953, the biggest drop since 2008, but spread betters had earlier predicted a fall well over 550 points.
The PM said he would do everything he could to ''steady the ship'' in coming weeks but was not the person to take the captaincy and would aim to have a replacement by the Tory conference in October.
Negotiations would begin, he said, ahead of a departure from the EU after Article 50 of the Lisbon Treaty is invoked.
Addressing crowds outside Downing Street, Cameron assured the world''s financial institutions and investors that Britain''s economy was "fundamentally strong".
The referendum saw a 72% turnout and a 52% leave, 48% remain result. It throws everything political and financial into flux.
After initial noises, not least from the City on a remain win, the pendulum swung and leave won the vote in fairly convincing style. UKIP leader Nigel Farage called it Independence Day.
On the European bourses, France''s CAC 40 is down over 8% at 4,103, while the German DAX is down 6.68% to 9,753.
Oil prices also dropped sharply with Brent crude down more than 5%, to $48.24 a barrel, its biggest fall since February.
9am company snap - Randgold surges
The increased gold price due to safe haven status pumped Randgold Resources PLC (LON:RRS), up over 13% to 7,325p, while Fresnillo PLC (LON:FRES), up 11.54% to 1,382p.
Small cap shares unsurprisingly also lost ground, with FTSE AIM100 shedding 6.12% to 3,233, while FTSE AIM All share lost 5.95% to 683.660.
As expected house builders bore the brunt of selling as the Brexit throws the question of continued low interest rates and house prices firmly on the table. Taylor Wimpey (LON:TW.) crashed over 22% to 140.7p. Banks were also sent into turmoil. Lloyds (LON:LLOY) fell over 17% to 59.34p and Barclays PLC (LON:BARC) shed 15% to 158.85p. 40bn was said to have been wiped off the value of Britain''s biggest lenders.
Junior gold miner Anglo Asian Mining (LON:AAZ) added over 18% to 14.5p, while Proxama (LON:PROX) slumped over 58% to 0.30p as it said it would raise up to 2mln to bolster its balance sheet while it negotiates the sale of its digital payments division.
The company said it has received one letter of intent for an offer of between US10-12mln and due diligence was being carried out currently. Other parties are also interested, Proxama said, though there was no certainty any deal would be struck.
After Cameron''s declaration of intent, governor of the BoE Mark Carney repeated there would be no initial change in the way British people can travel, or UK''s goods can move.
He has pledged over 250bn of additional funds to bolster what he called normal market operations.
FTSE 100 biggest fallers in early deals - 8:30am
Banks and financial services:
Barclays Plc (LON:BARC) down 25% to 139p
Lloyds Banking Group Plc (LON:LLOY) down 24% to 55p
Royal Bank of Scotland Group Plc (LON:RBS) down 25% to
House builders and property:
St. James''s Place Plc (LON:STJ) down 22% to 716.6p
Travis Perkins Plc (LON:TPK) down 14% to 1,649p
Taylor Wimpey Plc (LON:TW. down 24% to 145p
Persimmon Plc (LON:PSN) down 21% to 1,646p
Barratt Developments Plc (LON:BDEV) down 21% to 454p.
PREVIEW
FTSE100 is poised to crash at the open amid financial chaos as Britain has voted to leave the European Union.
After a closely contested and bitter fight, the historic poll saw a massive turnout of 72%, much more than the last general election and after initial noises indicating a remain win last night, the pendulum swung the other way.
Shock waves are being felt around the globe and the UK pound has crashed 10% against the US dollar at $1.3382 - the lowest level since 1985, while safe have gold has surged back to US$1,300 an ounce. The result was broadly 52% leave, 48% remain.
Having finished up 1.23%, or 79 points at 6,338 on Thursday, FTSE 100 is predicted by spread better IG index to open over 575 points lower down, or a drop of up to 9%. If that decline was maintained by the day''s end, it would be among the worst falls in history.
The next moves are uncertain and PM David Cameron, whose future as leader is unclear, is expected to make a statement before 9am, or before market open, in a bid to calm nerves after what will be for many a shocking night.
The implication now is that there will be a period of negotiation and deal-brokering before the Article 50 of the Lisbon Treaty is invoked, which was put in place to allow countries to leave the club.
The UK today still stands as a full member of the EU until it actually leaves, which is a process understood to take two years, but all of this is uncharted territory, so what happens before then is really an unknown.
Mike Van Dulken, at Accendo Markets, said: " Financial markets have delivered their reaction with futures suggesting the FTSE 100 will open (if indeed it does open; circuit breakers already triggered in Japan) with losses of over 550pts (down 8-9%).
"Following a one-week rally on hopes that the campaign tide had turned back towards Remain, we expect the hardest hit stocks to be financials (banks, insurance) followed by housebuilders, with commodities related-names (miners, oil) following close behind."
Michael Hewson, at CMC markets, added: "This vote also has huge consequences for the future of the EU as well as the economic recovery seen in the last six months, given the widespread dissatisfaction across Europe, and the prospect of other countries asking for similar referendums."
Director General of the CBI Carolyn Fairbairn said: "The urgent priority now is to reassure the markets. We need strong and calm leadership from the Government, working with the Bank of England, to shore up confidence and stability in the economy.
''The choices we make over the coming months will affect generations to come. This is not a time for rushed decisions."
The Bank of England said in a statement it will ''take all steps necessary'' to ensure financial stability in the UK amid news Standard and Poors said Britain was likely to lose the gold plated triple A credit rating.