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FTSE 100 higher after Italy referendum

The UK market rose in early trade, despite worries that the Italian referendum result would hit shares across Europe.

Italian Prime Minister Matteo Renzi resigned after suffering defeat in a referendum over constitutional reforms.

Despite falling in the first few minutes of trade, the benchmark FTSE 100 index quickly recovered to stand 19.37 points higher at 6,750.09.

Other major European stock markets were also trading higher.

Shares in Royal Bank of Scotland were up 0.6% after the bank announced it had reached a settlement with three of the five shareholder groups who claim they were misled over RBS’s £12bn rights issue in 2008.

On the currency markets, the pound fell 0.1% against the dollar to $1.2717, and was 0.2% higher against the euro at €1.1957.

The euro fell sharply in the initial reaction to the Italian referendum result, and hit a 20-month low against the dollar of $1.0505 at one point. But it then recovered most of its losses to stand at $1.0656.

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