As expected, the fourth furlong proved the most challenging to date, with the dreaded Referendum fence to negotiate. Over this stretch the FTSE 100, propelled by big companies with overseas earnings, rose by 4.4%, while the FTSE 250, with a greater proportion of UK-based companies, fell by 5.3%.
Not surprisingly, the field has become more strung out. Heather Jones continued her great run, up a further 7.9% and extending her lead. Her three-share portfolio is now showing an impressive gain of 31.9%.
Her nearest challenger is up a respectable 8.9%, but half the field has been going backwards and the back-marker (no name, no shame) is down by 14.5%.
Conditions are less predictable than ever, with stormy weather forecast. The rest of the race should prove interesting…