LONDON: British stock and government bond prices rose on Friday after the centre-left Labour Party surged to a comprehensive win in a parliamentary election.
The bluechip FTSE 100 index rose 0.28% at the open, along with midcaps.
The yield on 10-year British government bonds or gilts, dropped 3 basis points to 4.17%, largely in line with other European markets.
London stocks rebound on gains in metal miners ahead of elections
Labour was set to win a massive majority in the 650-seat parliament with Rishi Sunak’s Conservatives poised to suffer the worst performance in the party’s long history as voters punished them for a cost of living crisis, failing public services, and a series of scandals.
Conservative Prime Minister Rishi Sunak has conceded defeat. Sterling was up nearly 0.1% by 0708 GMT against the dollar at $1.2777 and steady against the euro at around 84.75 pence.
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