ELECTION MARKETS LIVE: Pound and shares leap as Tories win big majority and investors chase the Boris bounce
The pound leapt as the exit poll emerged last night that put Boris Johnson’s Conservatives in line for a thumping election victory.
Sterling held big gains against the US dollar and the euro overnight, as the exit poll proved to be accurate and seats flooded in for the Tories but ebbed away for Labour. It has given back a little of those gains today to stand at $1.334 and €1.194, having been above $1.35 and €1.20 at one point.
The stock market surged this morning at the opening bell, and at lunchtime the FTSE 100 was up 2 per cent and the more UK-focussed FTSE 250 was up 4.1 per cent.
Builders, utilities, banks and consumer facing firms have seen the biggest rises.