Tue. Sep 29th, 2020

FTSE 250 rockets to record high as banks, housebuilders and utilities surge – business live

Shares and sterling are rallying as the financial markets react to the Conservative Party’s election triumph

9.32am GMT

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.

9.28am GMT

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.

Continue reading…Shares and sterling are rallying as the financial markets react to the Conservative Party’s election triumphLatest: UK stock market jumpsFTSE 250 hits all-time highIntroduction: It’s Blue Friday in the CitySterling hits 18-month high vs US dollarThe mood on the trading floor 9.32am GMTUtility 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. 9.28am GMTTelecoms 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. Continue reading…