FTSE 100 Climbs Almost 1 Percent in London as Investors Anticipate Labour Party Victory on Election Day

FTSE 100 Climbs Almost 1 Percent in London as Investors Anticipate Labour Party Victory on Election Day

As the UK went to the polls, the FTSE 100 saw a nearly 1% rise, driven by expectations of a Labour victory.

Investors are keenly watching for the next steps from Keir Starmer and Rachel Reeves regarding the UK economy.

London’s primary markets saw gains with the FTSE 100 up 0.9%, or 70.15 points, reaching 8241.26.

The FTSE 250 also rose 0.4%, or 80.92 points, to 20,610.34.

The anticipation of a Labour government has already been factored into share prices since the election was announced six weeks ago.

Brick maker Ibstock’s shares increased by 4% following a positive note from RBC, anticipating a recovery in housebuilding.

RBC predicts that the Bank of England will cut interest rates and sees resilience in the housing market.

They also mentioned that a Labour government could boost housing supply.

Barclays sold its consumer finance business in Germany and Austria to Vienna-based Bawag Group for £423 million.

This move aligns with Barclays’ strategy to exit European retail banking to cut costs.

In April, Barclays sold its mortgage book in Italy and its stake in African lender Absa for £538 million in 2022.

Image Scan’s Success

Security X-ray machine maker Image Scan secured a significant contract to supply UK defense contractor NP Aerospace with its ThreatScan device for bomb detection.

This deal, starting with a three-month trial in September, is expected to be worth around £3 million over three years.

Shares surged by 47.2%, or 0.63p, to 1.95p.

Other Market Movers

Shares in Bunzl climbed 2.9%, or 88p, to 3120p after HSBC analysts recommended buying the stock.

Workspace, a provider of office spaces in London, remained flat at 580p after a downgrade from Bernstein.

Kenneth Lever is set to become chairman of Marston’s, taking over from William Rucker.

Investment firm 3i reported a solid first quarter with £49 million in income.

Shares dipped 0.7%, or 22p, to 3030p.

Specialist bank DF Capital expects higher-than-forecast interim profits, predicting at least £9 million in profit for the first half of the year.

Shares jumped 24.1%, or 6.5p, to 33.5p.

Retail software provider Itim’s shares soared 12.1%, or 4p, to 37p after signing a multi-million-pound contract with Brazil’s largest wholesaler, Assai, to provide a price and promotions tool using artificial intelligence.

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