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Pound rallies further on May victory Pound rallies further on May victory
(35 minutes later)
The pound rose above $1.31 as markets welcomed the removal of uncertainty from the Conservatives' 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 Conservatives Party's leadership contest, with Theresa May set to be the new prime minister.
Sterling rose more than 1% against the dollar to $1.3149, and was 0.6% higher against the euro at €1.1826. Sterling rose 1.3% against the dollar to $1.3162, and was 1% higher against the euro at €1.1874.
The FTSE 100 hit fresh 11-month highs on Tuesday, and stood 6.96 points higher at 6,689.82. The FTSE 100 share index hit fresh 11-month highs before falling back to stand unchanged on the day at 6,683.28.
Shares in property-related stocks continued their recent recovery. The more UK-focused FTSE 250 index rose 129.35 points, or 0.8%, to 16,835.74.
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 property sector - which saw a steep sell-off immediately after the Brexit vote - received a boost from Galliford Try. The housebuilder said it still expected full-year profits to be in line with expectations sending its shares up 5.6%.
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. The news from Galliford helped to sustain the recovery in property-related stocks seen over the past couple of trading sessions.
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. Financial stocks - another victim of the post-referendum sell-off - were also having a better day. Shares in insurer Aviva rose 4.2% while Lloyds Banking Group gained 4.1%.
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."