U.K. Stocks Rise as Scots Decide on Independence

U.K. Stocks Rise as Scots Decide on Independence

18 September 2014, 11:34
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U.K. stocks advanced, as 4.3 million Scots turned to the polls.

The FTSE 100 Index (UKX) increased 31.95 points, or 0.5 percent, to 6,812.85 at 9:40 a.m. in London. The benchmark index has fallen 0.4 percent for the last three days as uncertainty surrounding a potentially independent Scotland weighed on U.K. markets. A measure of expected volatility for FTSE 100 shares has risen 43 percent from a low in August.

While Ireland’s ISEQ Index rose 0.7 percent, the broader FTSE All-Share Index added 0.5 percent today.

Royal Bank of Scotland Group Plc and Aberdeen Asset Management Plc climbed more than 1 percent each.

EasyJet Plc (EZJ) gained 2.3 percent after raising its dividend payout ratio and locking in an order for new planes.

TUI Travel Plc rose 3.5 percent after Morgan Stanley recommended buying the shares.

As both sides of the Scotland debate pushed their arguments in the final day of campaigning yesterday, the latest polls showed the race is too close to call. Voting began at 7 a.m. local time.

Prior to this day, the Federal Reserve cut monthly bond buying by $10 billion for a seventh time yesterday and pledged to keep interest rates near zero for a “considerable time” after asset purchases end, probably in October. Policy makers also projected a steeper increase in borrowing costs next year.

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