European markets were buoyed today as the political landscape in the U.K. became less uncertain. In a shock announcement just after noon today, Andrea Leadsom pulled out of the race for Conservative Party leader, paving the way for Theresa May to become the next prime minister.

Current Prime Minister David Cameron, who said he would step down after the U.K. voted to leave the European Union, offer his resignation to Queen Elizabeth II on Wednesday. The Queen is expected to ask May to form a government on Wednesday evening.

May will be the U.K.'s second female prime minister, following in the footsteps of Margaret Thatcher.

The pound had gained 0.22% on the dollar to $1.2982.

In London, the FTSE 100 closed 1.4% up at 6,682.86 and the domestic focused FTSE 250 gained 3.27% throughout the day at 16,706.39.

The FTSE 100 today entered bull territory, after closing more than 20% higher than its recent low of 5,537 on February 11, 2016.

Miners were once again gained as commodity prices rose. Anglo American (NGLOY) was up 8.85%, Glencore (GLNCY) gained 6.28% and Fresnillo was up 6.10%.

London-based luxury brand Burberry (BURBY) shares skyrocketed closing 4.22% up after it was announced that Mario Gobbetti was appointed CEO. Gobbetti currently heads Paris-based brand Celine.

He will take up the role in 2017, from current CEO Christopher Bailey. Bailey will become president and chief creative officer.

Housebuilders and property builders made further gains today after last week's loses. Travis Perkins was up 7.81%, Barratt Developments (BTDPY) and Persimmon were up well over 7%.

British Land (BTLCY) gained 4.77% today. The company today said that it had signed two leases on a prime-London commercial tower after the June 23 referendum.

In Frankfurt, the Dax was up 2.12% to close 9,833.41 and the Cac 40 ended the day at 4,264.53 up 1.76% in Paris.

LafargeHolcim (HCMLY) rose 4.4% after it agreed to sell Indian building-materials business to Nirma for $1.4 billion.

Thyssenkrupp (TKAMY) was the biggest gainer on the Dax. It was up over 6% after reports said that it would go after Tata Steel's European steel operations.