Thursday 29 September 2016

UK markets and sterling jump as Conservatives look set for UK election win

Paul O'Donoghue

Published 08/05/2015 | 09:07

Britain's Prime Minister David Cameron and his wife Samantha return to 10 Downing Street after Britain's general election, in London, May 8, 2015. REUTERS/Stefan Wermuth
Britain's Prime Minister David Cameron and his wife Samantha return to 10 Downing Street after Britain's general election, in London, May 8, 2015. REUTERS/Stefan Wermuth

London's stock market surged at the start of trading this morning as British Prime Minister David Cameron appears set to govern Britain after taking a strong lead in the tightly-contested election.

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The FTSE 100 jumped by 2pc shortly after markets opened to to stand at 7,024 and is now up 1.5pc while other European indexes such as Germany's DAX .GDAX are opening flat.

Sterling jumped more than 1.5 percent against other major currencies as Cameron's more market-friendly Tories appear on course for a surprise victory.

The currency is on course for its biggest daily rise against the euro and dollar since 2009.

Sterling jumped more than 1pc against the dollar to trade above $1.55 for the first time since late February, and rallied 2pc against the euro to 72.40 pence per euro.

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