FTSE 100 surges at open as Conservatives edge towards election majority
Ken Odeluga May 8, 2015 12:58 PM
<p>Updated 0825 BST The FTSE 100 has bounded higher at the open this morning after the incumbent Conservative Party scored an unexpectedly large share of […]</p>
Updated 0825 BST
The FTSE 100 has bounded higher at the open this morning after the incumbent Conservative Party scored an unexpectedly large share of the vote in last night’s UK election.
With the Tories set to win at least enough seats to form a government in a coalition of their choosing, or even rule alone with a small majority—if the latest polls are correct—a cloud of uncertainty that had hung over markets for months and knocked the FTSE off historic highs, will soon be dispersed.
We noted yesterday that whilst equity market volatility wasn’t particularly heightened, pre-election nerves had knocked the index out of a week-long range.
The band starts around 6930–near the recently superseded all-time high from 1999–and stretches up to resistance around 7058.
The index has pierced the boundary at the open, and is steadily heading towards its upper bound.