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London market slips back on hung parliament fears


London market slips back on hung parliament fears


Fears of an indecisive result in Britain’s general election and a weak government hurt shares in London and helped the European markets down in the morning and early afternoon.

A late poll after voting began suggested a late Labour surge with them neck and neck with the Conservatives, but Britain’s worries had no effect on the euro, which rose to a two-month high against the dollar since its 12-year low in March.

The FTSE index is now more than 300 points shy of its all-time April high, but on the day London only ended marginally down, recovering to end off by just over half a percent.

Sterling ticked a little lower and the currency is stable, but the wrong result could send the foreign exchange market into a tizzy.

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