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Pound jumps in wake of Brexit ruling Pound jumps in wake of Brexit ruling
(about 2 hours later)
Sterling has risen sharply following the High Court ruling on Article 50, while the FTSE 100 has fallen back.Sterling has risen sharply following the High Court ruling on Article 50, while the FTSE 100 has fallen back.
The court ruling has "made triggering Brexit a lot trickier and has given sterling a massive shot in the arm", said Neil Wilson at ETX Capital.The court ruling has "made triggering Brexit a lot trickier and has given sterling a massive shot in the arm", said Neil Wilson at ETX Capital.
The pound was up 1.2% at $1.2450 in the wake of the decision, but the FTSE 100 fell 0.6% to 6,806 points. At the close of London trade, the pound was up 1.1% at $1.2438, but the FTSE 100 fell 0.8% to 6,790.5 points.
Sterling was bolstered after the Bank of England predicted higher growth for this year and 2017. Sterling was also bolstered after the Bank of England predicted higher growth for this year and 2017.
The Bank left interest rates on hold at 0.25% as expected, but also sharply raised its inflation forecast for next year.The Bank left interest rates on hold at 0.25% as expected, but also sharply raised its inflation forecast for next year.
The pound climbed 1.4% against the euro to €1.1243. The pound climbed 1.1% against the euro to €1.1214.
Connor Campbell of Spreadex said that the ruling will be challenged in the Supreme Court next month. Many traders hope that the court ruling will at the least delay the process of leaving the EU or reduce the government's ability to push through a "hard Brexit" that would mean leaving the single market.
"Even if it does go to a parliamentary vote, it is unlikely MPs will want to be seen as going against the referendum result by blocking the enacting of Article 50. Nevertheless the pound was due some good news, and it has certainly taken advantage of this brief glimmer of hope," he added. Downing Street said it was disappointed at the decision and would appeal, with the case expected to be heard by the Supreme Court before the end of the year.
The biggest riser on the FTSE 100 was Royal Bank of Scotland, up 5%, while Randgold Resources was the biggest faller, shedding 7%. "Even if it does go to a parliamentary vote, it is unlikely MPs will want to be seen as going against the referendum result by blocking the enacting of Article 50," said Connor Campbell of Spreadex. "Nevertheless, the pound was due some good news, and it has certainly taken advantage of this brief glimmer of hope."
Shares in Morrisons, rose 2.1% after the UK's fourth-largest supermarket reported another rise in sales. Kathleen Brooks at City Index said: "If it looks like there is a chance that Article 50 may not be triggered, then we could see a large turnaround for the pound."
The biggest riser on the FTSE 100 was Royal Bank of Scotland, up 6.5%, although the stock is still down by more than a third this year.
Randgold Resources was the biggest faller, shedding 6.1%. with fellow miner Fresnillo off by 4.1%.
Shares in Morrisons, rose 1.1% after the UK's fourth-largest supermarket reported another rise in sales.
Underlying sales rose 1.6% in the third quarter, meaning the chain has now reported four consecutive quarters of growth.Underlying sales rose 1.6% in the third quarter, meaning the chain has now reported four consecutive quarters of growth.