Investors have even more to think about at the macro level as Scottish first minister Nicola Sturgeon has announced (13 Mar) her intention to seek a second independence vote in 2018 or 2019. The move appears to have delayed the triggering of Article 50 – formerly starting the Brexit process – until the end of March.

Earlier reports had suggested Article 50 would be triggered this week as MPs approved Theresa May’s Brexit bill. Sterling hit an eight-week low in the wake of Sturgeon’s move, boosting the value of companies’ overseas earnings. As we write the FTSE 100, made up of firms with largely international horizons, is back within touching distance of record highs.

We recently flagged companies which could be affected by IndyRef2 in Shares. Financial stocks seemed worse affected in the wake of Sturgeon’s latest speech. (TS)

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