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Gains for sterling as Leave loses ground

By Staff Reporter

Published 21/06/2016

FTSE 100 Index was up 182.9 points in one of the strongest rallies since the financial crisis
FTSE 100 Index was up 182.9 points in one of the strongest rallies since the financial crisis

Sterling and the London market raced ahead as investors snapped up financial stocks amid easing concerns over a British exit from the European Union.

The FTSE 100 Index was up 182.9 points to 6204, adding more than £47bn to the value of the UK's biggest companies, as the opinions polls began to point at Britain remaining in the EU.

Sterling saw big gains against the dollar, rising 2.3% against the greenback to 1.468 US dollars, one of its biggest rallies since the financial crisis.

In a boost for Prime Minister David Cameron, the Remain camp appears to have clawed back lost ground, with a YouGov poll for the Sunday Times showing a narrow 44% to 43% lead over the Leave camp.

The surge on London's premier index was mirrored in Europe, with Germany's Dax up 3.4% and the Cac 40 in France up 3.6%.

The rally comes after Brexit fears hammered the pound and sent the London market down last Tuesday.

Belfast Telegraph

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