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Markets

European stocks rise at open on eve of UK referendum

Published Updated

imageLONDON: Europe's main stock markets climbed at the start of trading on Wednesday, the eve of Britain's historic referendum on European Union membership.

London's benchmark FTSE 100 index added almost 0.5 percent to 6,255.88 points compared with the closing level on Tuesday.

Frankfurt's DAX 30 index gained 0.7 percent to 10,084.74 points and the CAC 40 in Paris also won 0.7 percent to 4,398.40.

The region's stock markets had also advanced on Tuesday, with traders expecting Britain to vote to stay in the EU despite polls putting the race neck and neck.

"While the opinion polls continue to remain mixed with respect to the UK referendum, equity markets appear to be sailing on serenely as we lead up to tomorrow's vote, and we mercifully enter the final day of campaigning," said CMC Markets analyst Michael Hewson.

"With more opinion polls expected throughout the day we can expect to see further intraday volatility as the betting markets continue to diverge away from the polls.

"We will know soon enough if the recent market exuberance at the expense of the deadlocked polls is justified, or turns out to be a fool's errand."

Copyright AFP (Agence France-Presse), 2016

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