FTSE 100 leaps as Brexit worries keep receding

By Yomna Yasser On Jun 20, 2016

U.K. stocks edged higher Monday, after polls showed a resurgence in support for the U.K. staying in the European Union ahead of Thursday’s Brexit referendum.

The FTSE 100 pushed up 2.3% to 6,157.60 in a broad-based rally. Only shares of gold producers Randgold Resources PLC and Fresnillo PLC were lower, down 2.2% and 0.2%, respectively, as gold futures fell.

The moves came after polls at the weekend showed the “remain” camp holding a small lead before the June 23 referendum. A SundayTimes/YouGov online poll showed 44% of respondents want to keep the U.K.-EU relationship intact, compared with 43% who want to break it up.

YouGov said one third of the responses to its Sunday Times poll came in before news of the killing of British lawmaker, Jo Cox, a vocal anti-Brexit campaigner.

Movers: Bank shares were higher, with Royal Bank of Scotland PLC leaping 8.5% and Lloyds Banking Group PLC up 5.6%. Real estate shares also climbed, with home builder Taylor Wimpey PLC higher by 6.3% and Barratt Developments PLC up 5.4%.

The pound rose, buying $1.4571 compared with $1.4362 late Friday in New York. The pound on Friday recorded its first weekly gain in three weeks on receding worries about a Brexit.

Source: MarketWatch