The FTSE 100 was slightly up following the shock general election result on Friday morning, but the pound lost value against the both the dollar and euro.

The FSTE 100 was up 1.1 percent as markets opened and traders digested news that Theresa May's Conservatives have fallen short of an overall Commons majority.

London - 10 June 2017

1. Various of traders at IG

2. Various set ups of Chris Beauchamp, Chief Markets Analyst at IG Group

3. SOUNDBITE (English) Chris Beauchamp, Chief Markets Analyst at IG group:

"We certainly saw quite a reaction overnight once the exit poll came out and as the result has come through it's proven the exit poll to be correct with the pound dropping sharply against the dollar and the Euro. The FTSE 100 is slightly weaker overnight but it is actually rising in the wake of the open, basically when you see the currency weaken you see the FTSE 100 go up so it's a replay in miniature with what we had with the Brexit vote. I think it's the market worrying about the outlook for a hung parliament and clearly the Brexit negotiations which begin in 11 days but also those FTSE 100 companies now look a bit cheaper in dollar terms than they did just a few hours ago."

4. Cutaway

5. SOUNDBITE (English) Chris Beauchamp, Chief Markets Analyst at IG group:

"In the way the thinking runs is actually you might get much less of a hard Brexit in fact it might be the most modest of soft Brexits really with the UK looking to stay within the framework of the European Union with the single market, free movement of people sort of associate membership. It really has changed the terms of the negotiations at this point and does weaken the prime minister's hand to some extent but if it means UK's integration remains fairly high with the rest of Europe then the market's fairly happy with that."

6. Cutaway

7. SOUNDBITE (English) Chris Beauchamp, Chief Markets Analyst at IG group:

"Well it's certainly a matter of what happens over the next few weeks. If you look back to 2010 sterling dropped on the day and then continued to decline afterwards in the weeks after a hung parliament, that's because the negotiations dragged on a bit and it doesn't look like that will happen this time around so you might see the pound recovering a bit more ground as the day goes on."

8. Trading floor