BREXIT BOOM: FTSE 100 enters bull market territory despite doom Project Fear claims

BRITAIN'S financial markets have spiked to a 11-month high to enter bull-market territory despite David Cameron's scaremongering claims of financial chaos in the event of Brexit.

The FTSE 100 index burst into bull-market territory, referring to markets trading in long term uptrends, shortly after Andrea Leadsom withdrew her candidacy to be leader of the Conservative Party paving the way for Theresa May to succeed David Cameron from Wednesday.

Investors have welcomed the news that Mrs May will step into Number 10 and provide some much-needed certainty for the UK. 

The blue-chip index of the largest firms listed on the London stock market has closed 92 points higher tonight, at 6,682, a gain of 1.2 per cent today.

The FTSE 100 has defied Brexit blues and is up 21 per cent from its February low. 

It has also gained more than 6.5 per cent since June 23, the day of the EU Referendum. 

Laith Khalaf, senior analyst at Hargreaves Lansdown, said: “The Footsie has been tipped into a bull market by the emergence of Theresa May as Prime Minister, though the whiff of some loose monetary policy coming from the Bank of England this Thursday probably helped the index over the line too.”

Other City analysts have called the FTSE result “remarkable”. 

FTSE 100 enters bull market territory on back of Brexit "rally" — up over 20% since hitting 5,536 in February pic.twitter.com/J3wg5KUjvk

— Richard Fletcher (@fletcherr) 11 июля 2016 г.

And the FTSE 250, which is more UK-focused, is higher than it was when the outgoing Prime Minister announced the in/out referendum.

Tory backbencher and outspoken Eurosceptic John Redwood said: "The doom-mongers are finding it is quite difficult talking some markets down."

Leading City economist Ruth Lea also pleaded with Remain supporters to "stop talking the markets down" following the news.

She added: "Brexit will happen – and there is no crisis and chaos. FTSE 100 and FTSE 250 up again this morning. 

"Markets expect interest rate cut on Thursday, all but promised by Governor Carney, who has effectively talked pound down. Competitiveness boost."

Mr Carney last week assured the markets the Bank of England was helping to shore up the economy after the historic Brexit vote.

The Governor said: "The Bank has a clear plan. We are rapidly putting its main elements in place. And it is working."

George Osborne had earlier said: "You should not underestimate our resolve. We were prepared for the unexpected and we are equipped for whatever happens."