London-listed stocks led European markets higher

ABONE OL
5 Temmuz 2024 10:27
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ABONE OL



The pan-European Stoxx 600 index rose 0.3 percent in early morning deals. The U.K.’s FTSE 100 Index climbed more than 0.2 percent as investors reacted to election results.

The primary news story on investors’ minds Friday was the U.K. general election, with the opposition Labour Party winning a huge parliamentary majority and unseating the incumbent Conservatives after 14 years.

Friday saw a notable impact on the FTSE 350 household goods and home construction index, which was up about 1 percent as traders reacted to the news of the Labour Party’s win.

Looking at individual stocks within the sector, Persimmon shares rose 2.9 percent, while Taylor Wimpey, Barratt Developments and Bellway were all up roughly 2 percent.

Early Friday morning, Labour passed the threshold needed to govern alone as outgoing PM Rishi Sunak conceded defeat. Keir Starmer, leader of the centre-left Labour, will become the country’s next prime minister and declared victory in the early hours. Analysts expect the Labour victory to boost U.K. markets over time, particularly regarding housebuilding.

 

Albania News Agency

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