At the open: FTSE 100 picks up where it left off with positive start to the week

Jake Cordell
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Stock markets appear to be returning to a semblance of normality
Stock markets appear to be returning to a semblance of normality (Source: Getty)

Stock markets are still on the up at the beginning of the second week of trading after the UK voted to leave the EU.

After hitting 10-month highs at the end of last week and climbing 600 points in five days, there is little sign of profit-taking this morning, with the bluechip index jumping anther 0.3 per cent to 6,595.

However, the FTSE 250, which is a slightly better barometer of the UK's domestic health dropped by 0.6 per cent and still stands 1,000 points off its pre-referendum close at 16,358 this morning. Banks and housebuilders are still well off their pre-vote levels, with many down by around one-third.

With sterling's weakness back in the spotlight - a Bloomberg poll showed economists predicting the currency to slide to $1.25 - it was dollar-earners such as the big mining companies at the top of the charts. All seven of the index's top risers were from the natural resources sector, with Fresnillo, which jumped 7.6 per cent, claiming top spot.

A few companies started the day in the red - Intu, Standard Chartered, Wolseley - though the falls were modest.

For now, sterling was clinging on, up just 0.1 per cent overnight to start the week at $1.3283 and €1.1931. While in commodities, Brent Crude was up a smidge, holding on above $50 a barrel.

The bounce comes after trading platforms reported some of their strongest ever interest from private investors in the wake of the EU referendum, with many buying up shares in the aftermath of steep falls on the first two days after the result.

Brexit Britain: What you need to know

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