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Sterling rally continues to build Pound rallies further on May victory
(about 2 hours later)
The pound rose above $1.31 as markets welcomed the removal of uncertainty from the Conservative's leadership contest, with Theresa May set to be the new prime minister.The pound rose above $1.31 as markets welcomed the removal of uncertainty from the Conservative's leadership contest, with Theresa May set to be the new prime minister.
Sterling rose more than 1% against the dollar to $1.3140, and was 0.5% higher against the euro at €1.1817. Sterling rose more than 1% against the dollar to $1.3149, and was 0.6% higher against the euro at €1.1826.
The FTSE 100 remained at 11-month highs, with the index up 2.98 points at 6,685.84. The FTSE 100 hit fresh 11-month highs on Tuesday, and stood 6.96 points higher at 6,689.82.
Shares in property-related stocks continued their recent recovery.Shares in property-related stocks continued their recent recovery.
Taylor Wimpey was the biggest riser on the FTSE 100, up 4.8%, while housebuilder Berkeley Group climbed 3.8%. The sector saw a sharp sell-off in the wake of the UK's vote to leave the EU, but has recovered some ground in the past couple of trading sessions.
The more UK-focused FTSE 250 rose 98 points to 16,804.39. The property sector received a further boost from Galliford Try on Tuesday, when the housebuilder said it still expected full-year profits to be in line with expectations.
Shares in Galliford Try rose 6.4%, and property-related stocks dominated the top risers on the FTSE 100, with Taylor Wimpey up 6.5% and Barratt Developments 5.7% higher.
The more UK-focused FTSE 250 index rose 204.55 points, or 1.2%, to 16,910.94.
"Theresa May's virtual 'coronation' as prime minister has delivered a boost to the pound as the clouds of uncertainty following the Brexit vote start to disperse," said Neil Wilson, markets analyst at ETX Capital."Theresa May's virtual 'coronation' as prime minister has delivered a boost to the pound as the clouds of uncertainty following the Brexit vote start to disperse," said Neil Wilson, markets analyst at ETX Capital.
"The leadership question has been settled and two months earlier than markets had been anticipating. This is feeding into strong bids for sterling and property stocks as investors eye potential bargains.""The leadership question has been settled and two months earlier than markets had been anticipating. This is feeding into strong bids for sterling and property stocks as investors eye potential bargains."
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