FTSE rallies as EU membership ‘Remain’ camp makes a comeback

by Jonathan Adams

UK shares paced by banks and housebuilding rose on Monday, boosted by polls suggesting the campaign for Britain to remain in the European Union was regaining a narrow edge over the “Out” camp.

Britain’s blue chip FTSE 100 index .FTSE rose 2 per cent to 6,138.78 points by 0909 BST, extending Friday’s 1.2 per cent gain.

Two opinion polls published on Saturday showed that the campaign to keep Britain in the European Union ahead of its June 23 referendum had regained its lead, while a third poll also showed momentum for an “In” vote.

However, the overall scenario remains evenly split.

“The risk-off mood of last week which was fading on Friday has turned decisively this morning and … this (could) extend into the rest of the week provided that the polls continue to point towards ‘Remain’,” Chris Beauchamp, senior market analyst at IG, said.

Shares in domestically-focused companies, seen as sensitive to the outcome of Britain’s June 23 referendum on its EU membership, rallied, with banks Royal Bank of Scotland (RBS.L), Lloyds (LLOY.L) and Barclays (BARC.L) all jumping between 4.6 per cent and 6.8 per cent.

This article is for information purposes only.
Please remember that financial investments may rise or fall and past performance does not guarantee future performance in respect of income or capital growth; you may not get back the amount you invested.
There is no obligation to purchase anything but, if you decide to do so, you are strongly advised to consult a professional adviser before making any investment decisions.

Related News

This website uses cookies to improve your experience. We'll assume you're ok with this, but you can opt-out if you wish. Accept Know more