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Markets

European stocks rally at open

Published Updated

imageLONDON: Europe's main stock markets rose strongly at the start of trading Monday on growing expectations that Britain will vote to remain part of the European Union in Thursday's referendum.

The British pound was meanwhile sharply higher against the euro and dollar.

London's benchmark FTSE 100 index jumped 1.8 percent to 6,128.82 points compared with the close on Friday.

Frankfurt's DAX 30 index rallied 2.3 percent to 9,850.59 points and the Paris CAC 40 surged 2.6 percent in value to open at 4,301.19, and then briefly posted a gain of over three percent.

"A positive European open comes as weekend Brexit polls and bookies' odds suggest the Remain campaign regaining some lost ground and in some cases re-taking the lead ahead of Thursday's UK referendum vote on EU membership," said Mike van Dulken, head of research at Accendo Markets.

"A higher chance of the UK voting to stay is a relief for markets -- equities and the pound sterling -- that had been preparing themselves for a Leave vote and the uncertainty it could inflict from a financial, economic and political standpoint."

Copyright AFP (Agence France-Presse), 2016

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