French bank warns: Stay away from these 20 stocks ahead of Scotland vote

A Yes vote this Thursday “would trigger another phase of underperformance”, said Roland Kaloyan, of Societe Generale, while “some companies could benefit from a weaker currency in the long run”.

The list includes a number of grocers and other retailers which see a considerable proportion of their sales come from Scotland, along with banks Lloyds and RBS, both of which have Scottish brands, and are incorporated north of the border.

“A Scottish exit would probably trigger a major political crisis with the shakeup of the UK’s political landscape”, said Mr Kaloyan.

Other companies that could lose out include property, media, oil, software, telecoms, and insurance firms.

Societe Generale identified 13 stocks that could benefit from a weaker pound, as analysts suggested that a Yes vote would see the value of sterling fall further.

The stocks in this basket have all shown a 90pc correlation with sterling’s strength against the dollar.

BAE Systems featured in both lists. The company does £1.7bn of sales in Scotland, and has 3,500 employees in the country, many of which work on naval shipbuilding at Rosyth.

20 stocks investors were warned to avoid

BAE Systems

Lloyds Banking Group

Royal Bank of Scotland

Diageo

Pernod Ricard

J Sainsbury

Tesco

WM Morrison

Standard Life

British Sky

BG Group

Technip

Hammerson

Intu Properties

Marks & Spencer

Next

Sage Group

BT Group

Centrica

SSE

13 stocks that could benefit from a weaker pound

BAE Systems

Barclays

HSBC

Standard Chartered

SABMiller

Smiths Group

Unilever

Reckitt Benckiser

Burberry Group

WPP

ARM Holdings

British American Tobacco

Experian

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