Columbus stocks feel the heat after Brexit vote

This morning’s biggest news worldwide: Great Britain voted to leave the European Union and Prime Minister David Cameron has resigned.

The implications of the landmark vote are widespread, but the details are are still up in the air, since no country has ever left the EU before.

Some say the vote will give Britain the autonomy and economic independence it needs to thrive outside of the European Union, while others condemn the vote as the beginning of the end for the EU.

Many of the Brexit’s proponents said immigration was a major issue that led to the decision to leave, since EU-mandated rules were driving immigration to near-record levels. However, opponents have said opposing immigration is a decision based on fear.

The financial impact of the Brexit was immediate. There was a sharp drop in the British economy following the results announcement, though it has recovered some since the initial fall.

Shockwaves are being felt worldwide, including in Columbus-based companies.

As of this morning, Limited Brands fell 2.11%, Cardinal Health fell 2.88%, Huntington fell 5.73% and surprisingly, American Electric Power jumped up 1.35%.

The markets appear to be recovering somewhat after the initial shock.

It’s unclear why markets are taking a downturn. Some attribute the falls to economic uncertainty, since the event has no precedent, while others say that corporations with global economic interests are striking back at a country that voted for national autonomy.

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