RBS - Why Shares of Royal Bank of Scotland Are Up Today
Shares of Royal Bank of Scotland Group (NYSE: RBS) traded up more than 10% on Friday morning, part of a broader rally in British stocks following the Conservative Party's election victory in the United Kingdom. The vote should relieve much of the uncertainty surrounding Brexit and caused the British pound to strengthen.
U.K. banks, including RBS, have been mired in the uncertainty surrounding Brexit and concerns that the confusion would be extended indefinitely if Conservative rival Labour won the election and followed through with its campaign promise to hold a second Brexit referendum. The Conservative victory put those fears to rest, with Prime Minister Boris Johnson now having the solid majority he needs to take the United Kingdom out of the European Union ahead of a Jan. 31 deadline.
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