FTSE 100 leaps, recovering from Brexit
On Wednesday, British stocks kept advancing, with reviving risk appetite for a second straight trading session because worries over the impact of Brexit relieved.
The FTSE 100 surged 1.8%, getting to 6,249.33 with all sectors in the green, headed by basic materials, oil and gas as well as financial shares. The given move briefly brought the blue-chip benchmark back into positive territory on a year-to-date basis.
On Tuesday, the London index leapt 2.6%, getting back right after two days of heavy losses generated by the UK’s recent decision to get out from the European Union.
The midcap FTSE 250 traded at 15,668.58, showing a 1.1% surge.
Real estate, bank as well as insurance stocks appeared among those beaten down by Brexit’s outcome. On Wednesday, stocks in banking heavyweight Barclays PLC edged up 3.7%. Simultaneously, insurer Prudential PLC gained 4.6% while home builder Persimmon PLC managed to earn 2.5%.
Market participants would like to know when the British government will start its two-year process of negotiating the withdrawal from the European Union in compliance with Article 50 of its treaty with the EU.