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Stocks in London have surged while the pound has soared more than 2 per cent in its sharpest rally in nearly three years after the Conservatives garnered a thumping majority in parliament UK general election 2019: live results Boris Johnson wins sweeping victory Opinion: Johnson’s win puts future of the UK in doubt Replay: What you missed last night
UK stocks continue their climb
UK-listed shares have continued their impressive surge in morning trading, writes Anna Gross.
The FTSE 100 is edging towards 2 per cent gains, the FTSE 250 has risen 4.4 per cent, and the FTSE 350 has bounded up 2.3 per cent.
Leading gains in the FTSE 100 this morning are a few key sectors: banks, builders, retailers and companies which had been trading down on fears of nationalisation.
Top of the list is Taylor Wimpey, which has gained 12.64 per cent. Close behind is housebuilder Persimmon which has gained 11.22 per cent. Royal Bank of Scotland is also up 11 per cent. Berkeley Group Holdings, the property developer, is up 10.33 per cent, while SSE, which was contemplated for nationalisation, is up 10 per cent.
In the FTSE 250, major gains have been made by Virgin Money, with a whopping 16 per cent surge, Stagecoach at 13.39 per cent, Savills at 11.43 per cent and OneSaving Bank at 11 per cent.
Losses have been more muted and have been felt most by export companies vulnerable to a stronger pound, including manufacturers and pharma companies. Leading the pack is Rentokil, which is down, 2.53 per cent – solid prediction from Jefferies this morning. Rolls Royce Holdings is down 1.62 per cent and GlaxoSmithKline is down 1.32 per cent.