ii comment: Boris Johnson strikes Brexit deal
With the clock ticking, UK and EU negotiators have agreed a Brexit deal, and UK stocks are flying.
17th October 2019 11:53
by Richard Hunter from interactive investor
With the clock ticking, UK and EU negotiators have agreed a Brexit deal, and UK stocks are flying.
Commenting on news that the UK has struck a Brexit deal with the EU negotiating team, Richard Hunter, Head of Markets, interactive investor, says:
"It's not all over 'til it's over – reports of an agreed deal has yet to get through European and UK Parliaments and the DUP position remains unclear – but there is no question that this represents progress.
"Sterling has unsurprisingly strengthened since the announcement, and the domestically-focussed UK stocks which are in the Brexit firing line are also motoring ahead. These are mostly typified by the property/housebuilding and banking sectors, where for example Persimmon (LSE:PSN) shares are ahead by nearly 5%, British Land (LSE:BLND) over 4%, Royal Bank of Scotland (LSE:RBS) 3.5% and Lloyds Banking (LSE:LLOY) 3%.
"It remains to be seen whether the reaction is short-lived as the politicians go toe-to-toe again at the weekend, but in the meantime the very possibility of an agreed outcome to the painful Brexit saga has resulted in a relief rally, both financial and psychological."
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FTSE 100 minute by minute chart
Source: TradingView Past performance is not a guide to future performance
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