LONDON ( The Deal) -- European stock indices rose on Friday, after a strong day of trading in Asia and as Scotland rejected independence from the rest of the U.K. in a long-awaited referendum.
The Scots voted about 55% to 45% to stay with the U.K. but the Scottish parliament will receive significant devolved powers from Westminster as a result of the referendum.
The FTSE 100 rallied 0.70% to 6,867.23 and the pound was up 0.08% at 1.6396 the dollar. In Frankfurt, the DAX surged 0.83% to 9,878.47 and in Paris the CAC 40 gained 0.50% to 4,487.23.
Royal Bank of Scotland (RBS) was up more than 3% and Lloyds Banking Group (LYG) gained over 1% as they continued a relief rally which had begun when polls started pointing to a decisive victory for the "No" campaign. The referendum result means they won't be moving their headquarters to England from Scotland. Lloyds spinout TSB Banking Group also gained. Other financial services sector gainers included Edinburgh insurer and fund manager Standard Life, which had also threatened to move to England.
GlaxoSmithKline (GSK) edged higher after it agreed to pay a 3 billion renminbi ($488.6 million) fine after being found guilty of corruption in China. A Chinese court found on Friday that a local unit of the U.K. drugmaker had "offered money or property to non-government personnel in order to obtain improper commercial gains, and been found guilty of bribing non-government personnel," GlaxoSmithKline said.