UK Stocks Rise After No Independence Vote Wins

Shares on the London stock market have risen after Scotland voted against independence.

The FTSE 100 share index was up 0.74% at 6,869.64 at 11.40 BST.

An initial rally in the pound faded. Overnight it hit a two-year high against the euro and a two-week high against the US dollar, but fell back during the morning.

Meanwhile RBS confirmed it would not be moving its registered head office now that independence had been rejected.

“The announcement we made about moving our registered head office to England was part of a contingency plan to ensure certainty and stability for our customers, staff and shareholders should there be a ‘Yes’ vote,” the bank said.

“That contingency plan is no longer required. Following the result it is business as usual for all our customers across the UK and RBS.”

In a statement, Lloyds Banking Group said: “The group is proud of its strong Scottish heritage and remains committed to having a significant presence in Scotland. We remain fully focused on supporting households and businesses in Scotland as well as right across the rest of the UK.”

via BBC

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Alfonso Esparza

Alfonso Esparza

Senior Currency Analyst at Market Pulse
Alfonso Esparza specializes in macro forex strategies for North American and major currency pairs. Upon joining OANDA in 2007, Alfonso Esparza established the MarketPulseFX blog and he has since written extensively about central banks and global economic and political trends. Alfonso has also worked as a professional currency trader focused on North America and emerging markets. He has been published by The MarketWatch, Reuters, the Wall Street Journal and The Globe and Mail, and he also appears regularly as a guest commentator on networks including Bloomberg and BNN. He holds a finance degree from the Monterrey Institute of Technology and Higher Education (ITESM) and an MBA with a specialization on financial engineering and marketing from the University of Toronto.
Alfonso Esparza