Markets seek protection amid uncertainty over UK polls result

London

THE cost of protection against overnight swings in the British pound jumped to its highest in five years on Thursday as Britons headed to vote in the most unpredictable general election for decades.

And while a rise in currency and stock market option volatility indices reflected some of the uncertainty stemming from a political stalemate, spot sterling, Britain's top share index and gilt markets broadly tracked international trends.

In recent days, UK markets have been resilient despite the uncertainty, focusing more on economic policy and international trends rather than the fallout from an electoral impasse.

Opinion polls ahead of Thursday's ballot showed the ruling Conservatives and the main opposition Labour Party neck-and-neck, while support for Scottish nationalists has surged, making a "hung…