UK-related stocks are getting smoked in early trading

As the voting in the EU referendum swings from remaining to leave, ASX-listed UK-related stocks are getting smoked.

Fund manager Henderson Group plc (ASX: HGG) share price is down 4.7% to $4.83, while CYBG PLC (ASX: CYB) has lost 4.5% to trade at $5.29.

They aren’t alone, with the index S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) down 1.9% and dropping rapidly, despite being up 0.8%.

The reason is that the vote for Britain to leave the EU appears to be heading toward Leave, despite bookmakers virtually pricing in the Remain vote as a guaranteed winner.

Most of the ASX 20 are getting hammered too, with banks and miners amongst the hardest hit.

Here’s a snapshot, courtesy of Commsec.

ASX Top 20

Source: Commsec

However, with counting of votes still underway, there’s a chance the market could still swing around.

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Motley Fool writer/analyst Mike King doesn't own shares in any companies mentioned. You can follow Mike on Twitter @TMFKinga

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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