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Shares in transport firms nosedive to long-term lows due to Brexit vote

Lee Baker
27 June 2016
Stagecoach shares fell to their lowest for years after the vote to leave the European Union
Stagecoach shares fell to their lowest for years after the vote to leave the European Union

 

Share prices fell in the major bus and rail firms following the announcement of Friday that the U.K voted to leave the European Union.

Stagecoach shares have fallen by nine per cent; National Express shares by eight per cent, and FirstGroup and Go-Ahead shares both by 7% from pre-Brexit Thursday, the fall of Friday continuing yesterday. This means that the value of Stagecoach shares at 234.9p is lower than at any time in the last three years and at any time in over two years for Go-Ahead at 1946p. An analyst at RBC told London's Evening Standard that leaving the EU will mean that the companies' margins will be squeezed bcause consumers will have less to spend and fuel costs will increase.

He added that rail contract bids "will now struggle to meet planned revenues and profit targets" and the UK Government faces a new recession meaning less public expenditure on transport.

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