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Pound hit after narrow Remain win in Newcastle Losses accelerate for the pound on referendum results
(35 minutes later)
The pound has tumbled after the announcement of the first results in the UK's EU referendum, having earlier surged through the $1.50 barrier. Losses for the pound have accelerated after the latest results from the UK's EU referendum.
The pound fell after a narrower than expected Remain vote in Newcastle. There was heavy selling earlier after a strong Leave vote in Sunderland. The pound slumped to $1.43, but then stabilised at $1.45.
Losses accelerated after a strong Leave vote in Sunderland. The pound slumped to $1.43, but then recovered a little. But a short while later it started to tumble again to trade below $1.41.
Earlier sterling had risen to $1.50 after leading Leave campaigner Nigel Farage said it looked as though Remain had "edged" the vote.Earlier sterling had risen to $1.50 after leading Leave campaigner Nigel Farage said it looked as though Remain had "edged" the vote.
"It was a huge swing for the pound - something we virtually never see. The move was bigger than the pound dropped on Black Wednesday," said Joe Rundle, head of trading at ETX Capital."It was a huge swing for the pound - something we virtually never see. The move was bigger than the pound dropped on Black Wednesday," said Joe Rundle, head of trading at ETX Capital.
"Nervousness is palpable in the markets as there is the potential that assets have been wildly mispriced. Investors were a little too complacent and if we do see a vote out we will see moves well beyond this," he added."Nervousness is palpable in the markets as there is the potential that assets have been wildly mispriced. Investors were a little too complacent and if we do see a vote out we will see moves well beyond this," he added.
EU Referendum Results
EU Referendum live page
However another analyst warned that moves have been amplified by thin trading.However another analyst warned that moves have been amplified by thin trading.
"'Volumes are very low and markets are relatively illiquid. Traders are very jittery, it's not just in sterling," said Jeremy Stretch from CIBC."'Volumes are very low and markets are relatively illiquid. Traders are very jittery, it's not just in sterling," said Jeremy Stretch from CIBC.
Last week the pound fell as low as $1.40 as traders tracked polls suggesting a flagging Remain campaign.Last week the pound fell as low as $1.40 as traders tracked polls suggesting a flagging Remain campaign.
Shares higherShares higher
Earlier the FTSE 100 closed 1.2% higher to a two-month high of 6,338.1 points, with miners, banks and travel firms rising.Earlier the FTSE 100 closed 1.2% higher to a two-month high of 6,338.1 points, with miners, banks and travel firms rising.
Wall Street also jumped in late trading, with the Dow Jones and S&P 500 both closing 1.3% higher.Wall Street also jumped in late trading, with the Dow Jones and S&P 500 both closing 1.3% higher.
European markets earlier added to the optimism, with the Dax in Frankfurt and the Cac 40 in Paris rising 1.8% and 2% respectively.European markets earlier added to the optimism, with the Dax in Frankfurt and the Cac 40 in Paris rising 1.8% and 2% respectively.
Brent crude rose sharply in late trading to end the day 2.1%, or $1.03 higher at $50.91 a barrel, while US crude added 98 cents to $50.11.Brent crude rose sharply in late trading to end the day 2.1%, or $1.03 higher at $50.91 a barrel, while US crude added 98 cents to $50.11.
Higher oil prices bolstered shares in Shell, which closed up 3.1% in London, while BP was almost 1% higher.Higher oil prices bolstered shares in Shell, which closed up 3.1% in London, while BP was almost 1% higher.
Thursday winnersThursday winners
The biggest riser on the London market was British Airways owner IAG, whose shares rose 3.6% to 528p as traders expected aviation to be helped by a remain vote.The biggest riser on the London market was British Airways owner IAG, whose shares rose 3.6% to 528p as traders expected aviation to be helped by a remain vote.
London Stock Exchange Group ended 3% higher as its £21bn merger with Deutsche Borse looked more certain of going ahead.London Stock Exchange Group ended 3% higher as its £21bn merger with Deutsche Borse looked more certain of going ahead.
Saxo Bank's head of FX strategy, John Hardy, said: "Everybody is a bit shell-shocked at the way the market has moved so aggressively (toward the UK remaining in the EU).Saxo Bank's head of FX strategy, John Hardy, said: "Everybody is a bit shell-shocked at the way the market has moved so aggressively (toward the UK remaining in the EU).
"If you are stuck with a short position, you are being forced out without even knowing the result, but what this also means is that a Brexit result is now a catastrophic risk.""If you are stuck with a short position, you are being forced out without even knowing the result, but what this also means is that a Brexit result is now a catastrophic risk."