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London Markets: FTSE 100 climbs as pound slides on election jitters

U.K. stocks advanced on Wednesday, boosted by a slump in the pound after a new voting estimate showed Theresa May’s Conservative Party may lose its majority in the general election next week.

The FTSE 100 index UKX, +0.23% added 0.2% to 7,542.94, partly recovering from its 0.3% loss on Tuesday. The index was closed Monday for a bank holiday.

A fall for sterling was seen as driving the market action on Wednesday, with the pound GBPUSD, -0.6221% falling to $1.2818 from $1.2860 late Tuesday in New York. The loss came after a YouGov estimate, commissioned by the Times newspaper, indicated that the Conservatives might lose 20 seats in the June 8 election.

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