Supporters of the ‘Stronger In Campaign’ gather to wait for the result of the EU referendum at a results party at the Royal Festival Hall in London on June 23, 2016. The first mainland result declared in Britain's historic EU referendum on Thursday gave a very slender lead to the campaign to stay in the bloc, but was much closer than expected, an expert said. Picture: Rob Stothard/AFP

In a note to investors on Friday, Credit Suisse equity strategist Hasan Tevfik has broken down which stocks to buy and sell depending on which way the vote goes.

In short: “Buy banks on Remain, buy gold and [real estate] on Leave.”

The analysis highlights previous correlations between ASX 100 stock prices and the probability of a remain vote succeeding, based on data from May 2 to June 22.

“Recent relationships suggest that the stocks with large positive correlations should rally if the Remain vote succeeds. It is no surprise that financials feature highly here,” Mr Tevfik writes.

“A general fear is that funding markets will seize up if we enter the ‘unknown’ of Europe breaking up. Previous correlations suggest the Aussie banks are a buy on Remain.

“Meanwhile, those stocks with a large negative correlation should perform well if the Brexit vote is to Leave. Our screen highlights Newcrest on this side of the table. It also includes defensive stocks like AGL Energy and the REITs [real estate investment trusts].”

Here is the chart:

Source: Credit SuisseSource:Supplied

SHARES TUMBLE AS BREXIT LOOKS POSSIBLE

The share market is sharply lower on signs Britain is on the verge of leaving the European Union. In a volatile morning, the benchmark indices rose nearly one per cent in the first few minutes of trade and then fell to be more than one per cent lower.

Driving the volatility is the stream of updates from the UK on voting results in the referendum on its future in the European Union.

Polling booths closed late on Thursday in the UK, and early results show the leave vote is slightly ahead of remain.

Analysts have warned a UK exit from the EU would cause economic uncertainty and lead to widespread market falls.

All sectors of the local market were lower at noon (AEST), with financials and miners suffering the worst losses.

ANZ had shed 2.2 per cent, NAB was down two per cent, Westpac had dropped 1.9 per cent and Commonwealth Bank was 1.7 per cent weaker.

BHP Billiton was 2.1 per cent lower and Rio Tinto was down 1.9 per cent.

— AAP