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Qantas Airways Limited among 4 top-performing shares today

The S&P/ASX 200 (Index: ^AJXO) (ASX: XJO) is up around 0.8% in lunchtime trade after global markets rebounded overnight after days of heavy selling following the UK’s shock Brexit result.

Some stocks are heavily outperforming the market’s gains today as well, so let’s take a look at what may be behind the price action.

Westfield Corp Ltd (ASX: WFD) shares are up 2.3% to $10.46 in afternoon trade as investors digest the impact of the Brexit vote on its UK shopping centre operations. Declining rents and levels of consumer spending are potential symptoms of a predicted recession in the UK, although Westfield remains very much a US-oriented business. The US economic outlook remains reasonable and Westfield shares continue to offer an attractive mix of value and yield in my opinion.

Iress Ltd (ASX: IRE) is the software business that has substantial operations in the United Kingdom providing trading, data, portfolio management and financial planning tools to leading asset managers. Brexit could impact its UK operations if it were to deliver a slowdown in general asset management activities or create a reluctance to spend among asset management businesses on new technologies. Investors though are largely guessing around any potential impacts and the shares look reasonable value at $11.01, with a nice dividend in the region of 3.5%.

Computershare Limited (ASX: CPU) shares are up 2.5% to $9.25 today as the share registry services business rebounds in value after some heavy Brexit-related selling. The business earns substantial revenues from the provision of financial services in the UK and is another potential victim of an economic contraction in the country. Computershare has also been struggling for growth recently, while the likelihood of a lower-for-longer cash rate environment is another negative. It looks a stock to avoid in my opinion.

Qantas Airways Limited (ASX: QAN) shares are flying 5.5% higher at $2.74 this afternoon despite the company releasing no news to the market today. The stock is gaining altitude as investors’ nerves ease over the potential for a travel slowdown due to a recession in the United Kingdom for example. The Sydney-Melbourne-London routes are some of Qantas’s most lucrative and empty seats would be a short-term negative.

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Motley Fool contributor Tom Richardson owns shares of Westfield.

You can find Tom on Twitter @tommyr345

The Motley Fool Australia has no position in any of the stocks mentioned. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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