Shares and sterling are rallying as the financial markets react to the Conservative Party’s election triumph
- Latest: UK stock market jumps
- FTSE 250 hits all-time high
- Introduction: It’s Blue Friday in the City
- Sterling hits 18-month high vs US dollar
- The mood on the trading floor
Utility stocks on the Footsie are a mighty 7% higher this morning, as the nationalisation threat lifts.
Bank stocks are up 3.5% — traders are concluding that the Bank of England is much less likely to cut interest rates soon.
Telecoms firm BT is also among the top risers, gaining 7%.
BT had faced the prospect of seeing its wholesale network nationalised if Labour had won power, for Jeremy Corbyn’s offer of free broadband.