The overreaction to the referendum vote can be gauged by housebuilder Redrow's (RDW) share price in the six months that followed. Having touched an intra-day low of 100p, the shares have since risen by 370 per cent.
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And it's not difficult to see why. In the six months to December 2016 operating profits rose by a third to £144m, and the return on capital employed grew from 21 per cent to 24 per cent. Strong cash flow reduced gearing from 14 per cent to a nominal 5 per cent, and medium-term guidance has been updated to a target of 77p earnings per share by the 2019 financial year, against the 55p recorded at the latest full year.