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UK domestic stocks soar on Johnson's win, utilities surge
Published at 13/12/2019 at 08:11

(For a live blog on European stocks, type LIVE/ in an Eikon news window)

* FTSE 100 up 0.5%, FTSE 250 jumps 4.2%

* Utilities, banks and retailers top risers

* Utility sector soars as Corbyn steps down as Labour leader

LONDON, Dec 13 (Reuters) - UK shares with heavy exposure to the domestic economy surged on Friday after Prime Minister Boris Johnson's Conservative Party won a sweeping majority, which is expected to translate to Britain making an orderly exit from the European Union.

The export-heavy FTSE 100 index rose 0.7%, lagging it's European peers as dollar earners were hit hard by pound's surge to 19-month high versus the dollar.

The mid-cap stocks index FTSE 250 , which is home to many companies with high UK revenue exposure, surged about 5% and hit fresh record highs.

Emmanuel Cau, head of European equity strategy, said UK stocks were to benefit from a bullish cocktail formed by Boris Johnson's electoral victory and a preliminary trade deal between China and the U.S.

"The banking sector, real estate, construction, utilities, all these sectors are expected to benefit from the 'feel-good' factor".

(Reporting by Thyagaraju Adinarayan and Julien Ponthus)

((thyagaraju.adinarayan@tr.com; +44 20 7542 7015; Reuters Messaging: thyagaraju.adinarayan.thomsonreuters.com@reuters.net; Twitter @thyagu))