The death of pro-EU MP Jo Cox may have shifted the momentum back in favour of Remain, according to UKIP leader Nigel Farage. In a televised interview on Sunday, the UKIP leader said the Leave campaign had “momentum” prior to Cox’s killing and urged voters not to let “one man with serious mental health issues” influence their decision.

“I think we had momentum before this terrible tragedy,” Mr. Farage said. “When you are taking on the establishment you need to have momentum. I don’t know what’s going to happen over the next three or four days. It’s difficult to tell. But those who have made up their minds to leave – I think they will go out and vote.”[1]

Public opinion may have shifted in favour of Remain over the weekend, according to the latest figures from a UK Survation poll. The poll shows Remain out in front with 45% support compared to Leave at 42%. A separate poll from Opinium showed both camps were tied less than a week before the referendum.[2]

The economic and political consequences of Brexit have been debated at length by supporters and detractors of the European Union. The debate on Sunday shifted back to migration, a topic that the Leave side has used successfully in recent weeks to sway voter opinion.

MP Cox was not only a supporter of remaining in the 28-member EU, but also a defender of immigrants, including refugees from Syria.

“We can do far more to deal with the pressures caused by migration from inside the EU,” Cox wrote in an article that was reprinted in the Mail on Sunday. Cox also stated in the article that Brexit would not offer any guarantees of lower immigration levels.[3]

British Prime Minister David Cameron reminded voters over the weekend there would be “no turning back” from leaving the EU and that exiting the bloc would lead to a “probable recession.”[4]

Mr. Cameron’s concerns about recession are shared by the large majority of economists, who believe that Britain would be worse off if it left the EU, especially over the short-term. Key industries tied to tourism and housing may also be adversely affected, not to mention London’s financial services industry.

Adding to the complexity is the timeframe in which Britain would quit the EU. While Mr. Cameron has stated he would pull the plug right away should Vote Leave prevail, the Brexit campaign has criticized this approach as being too hasty.

Britain heads to the polls on 23 June to vote on its future in the European Union. Investors can expect heavy volatility in the financial markets in the days leading up to the crucial vote.

[1] Oliver Wright (June 19, 2016). “Nigel Farage says he is a victim of political hatred in response to Jo Cox question.” The Independent.

[2] Zero Hedge (June 19, 2016). “Nigel Farage On Brexit: “We Had Momentum Until This Terrible Tragedy” – Here Are The Latest Odds.” Zero Hedge.

[3] Alex Morales and Simon Kennedy (June 19, 2016). “Brexit Campaign Resumes With Migration Debate After Cox Killing.” Bloomberg.

[4] Simon Kennedy (June 18, 2016). “First Brexit Poll Since Jo Cox Killing Has ‘Remain’ in Lead.” Bloomberg.

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Plans announced this morning for a phased sell off of the governments holding have sparked criticism by Unite the workers union whos members also include bank workers saying the sell off will “short change the public”. Currently the share price of RBS (RBS.L) is around 355p where as the UK government stake was bought at 500p per share.

Although George Osborne countered these claims saying that the sale must be seen as a whole and that a better price would be gained in subsequent share sales as confidence grows. Commenting the chancellor said ”It’s the right thing to do for British businesses and British taxpayers. Yes, we may get a lower price than that was paid for it – but we will get the best price possible. For the longer we wait, the higher the price the whole economy will pay.”

The Chancellor is trying to reassure the public that they will not be short changed and is pinning his hopes on the fact that he thinks the bank will do better when not under state ownership and will eventually make higher profits and pay more tax and support the economy more than it would with the state owning 80%.

The Sell off will take place over the next five years and even if the share price did not move at all during this time the treasury would still receive £32Bln and taking into account the sale of bank assets and fees already received a review by investment bank Rothschild Investments states the taxpayer would still receive £14Bln more than the cost of the bailout.

RBS (RBS.L) share price is trading slightly higher this morning off the back of the news at 360p (+2%).

Vedanta Resources (VED.L) said earlier today that “it is committed to maintaining its premium listing on the London Stock Exchange and will make appropriate disclosures as and when required”.

Vedanta Resources (VED.L) holds approximately a 60% stake in Cairn India  already and  the deal could be completed to access further cash and reduce debt with analysts and Societe General bank speculating that the deal could give Vedanta access to approximately $2.7Bln held in net cash at Cairn India.

Commented on the reports Societe General said “If confirmed, today’s media reports would indicate that Vedanta is once again endeavouring to simplify the group’s corporate structure and ease its debt concerns. With Cairn India now also held liable for the disputed capital gains tax on Cairn Energy, this makes resolution of the tax dispute a common cause for both parties. We think that while the Indian tax dispute is ongoing, Vedanta is the only potential acquirer that would still see material value in Cairn Energy’s stake in Cairn India”

Vedanta Resources (VED.L) is trading up around 5% this morning on the back of the reports at 569.50p

Citigroup says that the risk reward balance on Weir Group (WEIR.L) is now “tilted to the upside in our view” and in a note to investors this morning added “We see scope for a move to earnings upgrades through 1H 2016E or even 2H 2015E as the rate of downgrades slows significantly and the negative EPS momentum could turn as the North American Rig count troughs in coming weeks on our forecasts. The economics of North American Shale remain second quartile on the cost curve and therefore should remain competitive as supply from higher break-even sources is reined in. We view this as structurally supportive of Weir’s position in oil and gas.”

Shares in Weir Group (WEIR.L) are up around 3% this morning currently trading around 1960p.

This comes after news last week that BWin.Party (BPTY.L) has received other offers from companies including GVC Holdings and todays news could now trigger a bidding war over BWin.Party (BPTY.L)

BWin.Party (BPTY.L) Shares were up around 10% this morning at around 110p.

888 Holdings is holding firm around 164.50p.

Spokesman from BWin.Party (BPTY.L) confirmed that negotiations were continuing with “a number of third parties on a variety of possible business combinations”. Although the comment did come with the note of caution that none of the current discussions may result in a solid offer for the company.

Shares in BWin.Party (BPTY.L) have been under pressure this year after 2 potential buyers already pulled out of discussions earlier in the year, and its poker business continues to struggle due to a decline in regulated online poker markets, forcing the company to report a full year loss in March.

It is also reported that company has been fighting several legal battles with potential suitors including William Hill, Ladbrookes and US Firm Apollo Global.

Shares in BWin.Party (BPTY.L) were up  nearly 12% in todays trading finishing around 100p on the day.

The company announced his departure this morning stating that Keen had no received any compensation from the company on leaving his job.

Next (NXT.L) was trading approximately neutral for the day at around 7325p.

The bank benefited from reduced write offs compared to the previous year with regulatory provisions of £139m, UK customer redress programmes at £137m and restructuring costs of £43m.

The commercial banking arm of HSBC (HSBA.L) showed good performance particularly in the UK and Hong Kong.

Chief executive Stuart Gulliver said: “Our business recovered well in the first quarter following a difficult fourth quarter of 2014. Global Banking & Markets had its usual strong start to the year, with a notable increase in year-on-year revenue in our markets businesses. Loan impairment charges were significantly lower compared to the same period in 2014, particularly in Europe and North America.”

HSBC (HSBA.L) is trading slightly lower is early trading at 633.6p (-1.98%)

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The loss is the largest ever suffered by a UK retailer and enters into 6th place in the largest ever losses recorded in this countrys corporate history.

Tesco (TSCO.L) has suffered from a dramatic drop in the value of its property portfolio amid falling footfall in its stores. This accounts for £4.7Bln of the losses. Tesco had said earlier this month it intends to close 43 stores.

Tesco (TSCO.L) is also feeling the pinch from competition with discount retailers and like for like sales excluding fuel are down 3.6% in the last year in the UK. This has hurt Tesco sales even more in the European markets with sales down year on year in Ireland 6.3%.

Chief Executive Dave Lewis commenting said:

“It has been a very difficult year for Tesco. The results we have published today reflect a deterioration in the market and, more significantly, an erosion of our competitiveness over recent years. We have faced into this reality, sought to draw a line under the past and begun to rebuild, and already we are beginning to see early encouraging signs from what we’ve done so far.

Over the last six months we have put customers back at the centre of everything we do. By focusing on the fundamentals of availability, service and targeted price reductions, we have seen a steady increase in footfall, transactions and, most significantly, volumes. More customers are buying more things at Tesco.

We are making deep changes to the way we organise and run our business, with a simpler, more agile office team, more colleagues serving customers and a new approach to the way we work with suppliers. I do not underestimate how difficult some of these changes have been for the team and I thank everyone for their professionalism and contribution at this time of great change.

The market is still challenging and we are not expecting any let up in the months ahead. When you add to this the fundamental changes we are making to our business and our offer, it is likely to lead to an increased level of volatility in short-term performance. Our clear priority – and the one that will deliver sustainable value for our shareholders – is to improve consistently for customers. The changes we have made and will continue to make put us in a stronger position to do this.”

Investors reacted positively despite the results with the share price of Tesco (TSCO.L) slightly up on the day at 235.7p

Rolls Royce (RR.L) share price has recently been under pressure after a series of profit warnings and the deal announcement has provided an immediate boost.

Emirates president Sir Tim Clark said: “Today’s announcement is significant not only because it cements the partnership between Emirates and Rolls-Royce, but also because of the significant economic impact that this will have on aviation manufacturing in the UK and Europe.”

Rolls Royce (RR.L) shares were up 8p in early trading and currently sitting around 989p. (+1%)

Brokers, including Westhouse Securities have been quick to reiterate SELL ratings on the stock. Westhouse citing “scope for further share price weakness”

Commenting analysts at Westhouse said “We maintain our long-standing concerns regarding the risks attached to contract renewals and the execution risk inherent in its far-reaching transformation into a digital learning company,”

Westhouse currently has a target price on the shares of Pearson (PSON.L) of 1185p.

Pearson (PSON.L) is currently nearly 1% up today trading around 1389p.

Sales rose 4.4% year on year, coming in slightly better than analyst estimates of 4.3%. Sales for the period rose 0.5% to $20.9Bln although the company notes that currency exchange rates have decreased this value by 4.5%.

Nestle (NESN.VX) still say they expect to grow sales 5% this year after 2014 proved a difficult year for food producers with sluggish growth in both developed and emerging markets.

Shares in Nestle (NESN.VX) were trading flat this morning around 77p.

BAE Systems (BA.L) downgraded to NEUTRAL from BUY by UBS. The shares were ex dividend today however the news is also putting on the pressure. UBS does not believe there is further value in the shares as they move closer to their target price of 540p.

Unilever (ULVR.L) beats first quarter analyst expectations and Shore Capital reiterates its previous BUY rating on the shares saying they see the shares as a “long term winner”.

Over the period the group said that like-for-like sales were up 1.3% and pre-tax profit rose 4.3% to £88.9M ahead of analyst expectations of £84M.

Christmas also proved profitable for Debenhams (DEB.L), with a new online delivery options provided before the traditional Black Friday and Christmas shopping periods driving aa 12.7% increase in online sales over the period.

Despite the results, analysts still remain unimpressed with the long term outlook for the company with Investec still maintaining a SELL on the shares citing “little profit progression expected over the medium term”.

Michael Sharp, Chief Executive of Debenhams (DEB.L), said:    ”I am pleased with the good progress we have made against the strategic priorities we set out last  year. We have improved our multi‐channel offer and successfully introduced the premium delivery  options that we promised for the important peak period, which met with a positive response from  our customers. The continued refocusing of our promotional strategy delivered a strong increase in  full price sales, an improvement in value perception and enabled us to end the half with an  improved stock position. Overall we delivered a good first half performance despite a difficult  clothing season in Autumn and we are on track to achieve full year expectations.

“Looking forward, our customers tell us they are feeling a little more optimistic about the economic  outlook, but they remain cautious. Accordingly we are continuing to plan prudently in the near term,  while remaining focused on our strategic priorities, and are continuing to invest to ensure that our  business is well‐positioned to drive sustainable growth in the longer term.”

Shares in Debenhams (DEB.L) were up 5% this morning in early trading. Currently sitting around the 84p mark (+4p).

Gold production declined 3% in the first quarter to 186,000 ounces, while silver production dropped 7% to 6.8m ounces. Total sales declined 11% to $298m, as gold sales rose 1% but silver sales fell a massive 14%.

The company however reiterated its full year targets and  said the development of new projects remained on track.

Shares in Polymetals (POLY.L) were trading flat this morning around 580p.

Citigroups current estimate for the Net Asset Value of Tullow (TLW.L) is around 354p which the shares currently trade below. This takes into account a long term oil price of around $75 barrel and 10% discount.

Commenting Citigroup said “Our core NAV includes no value for exploration/appraisal upside in Tullow’s portfolio and risks by c15% its non-sanctioned developments (Kenya/Uganda),”

Citigroup also revised its target price up to 433p from 406p on the shares.

Tullow (TLW.L) is up 6.5% this morning trading around 362p (+22.5p)

Commenting, Citigroup said “”We think the market now better reflects the inherent value in BP. A good-news story around a self-help agenda, narrowing Russian discount rates and a favourable Macondo Phase II ruling have all driven the equity story in recent months,” in a note to investors this morning.

Citigroup retains its current target price of 455p and noted a plan by BP (BP.L) management to re-align the company with current oil prices.

“Cost-cutting is at the centre of BP’s self-help strategy. To date the extent of the ambition has not been announced, although a cost-cutting provision has (circa $1bn). We believe that the provision will increase and that BP will end up with a target that tackles around a 15% reduction in costs in the core upstream business segment,”

Trading in shares in BP (BP.L) are slightly lower this morning at 468p (-0.46%).

Investec upped its rating from SELL to HOLD on BG Group (BG.L) after the surprise announcement last week of its takeover by Shell (RDSA.L), although the deal has yet to be voted on by shareholders.

HSBC (HSBA.L) received a rating upgrade from Morgan Stanley citing share price under performance compared to sector inding figure the STOXX600 banks index.

After the transaction is completed Anand now holds 467,265 shares in the group, representing a 0.21% stake.

Greene King (GNK.L) share price has been on a downtrend since the middle of february before mounting a slight recovery over the last few weeks, and although the exercised option was due to expire in August this may leave investors speculating that if the CEO is using this period to cash in then it maybe a sign that the companies fortunes may remain flat in the near term, however it remains to be seen whether this will spark any rush to sell by holders.

Greene King (GNK.L) performance was broadly flat today, finishing at 831.5p.