8th May 2015
Investors in the UK on Friday were buzzing with election fervour, especially since exit polls pointed towards a more certain outcome than previously expected.
Sterling and the FTSE-100 soared on prospects of the Conservative Party winning the General Election by majority, in what was previously thought to be an election too close to call.
The UK’s leading share index jumped around two per cent after the open, however, had consolidated by midday to trade around 1.7 per cent higher. Meanwhile, Britain’s index of smaller companies, the FTSE-250, soared to a record high on the election news.
Investors piled into betting and real estate firms when the prospects of crackdowns on these sectors evaporated along with the possibility of a Labour government.
In currency markets, the pound hit a three-month high when compared with the dollar. However, sterling trimmed gains in the wake of a soft trade data report.
Cable remains more than one per cent higher on expectations of the Conservatives winning by majority.
The stronger pound also prevailed against the euro, with the cross retreating more than 1.5 per cent.
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