Theresa May Now Unopposed In Race To Become Next U.K. Prime Minister

The battle for the United Kingdom's Prime Minister post gained clarity over the weekend after one of the two leading candidates dropped out of the race.

British Home Secretary Theresa May and Andrea Leadsom, the country's energy minister, were hopefuls to take over the vacant Prime Minister's job after David Cameron announced he will step down after the Brexit vote.

Leadsom said on Monday she doesn't believe she has sufficient support within the party to lead a strong and stable government and has withdrawn herself from the race.

May, a supporter of the "remain" side in the Brexit vote, is likely to become the UK's first female Prime Minister since Margaret Thatcher's 11-year rule that ended in 1990.

Despite May's opposition to the country's decision to exit the European Union, she re-affirmed the democratic decision made by the people to leave the 28-member bloc.

"Brexit means Brexit," she was quoted by USA Today as saying.

Meanwhile, the UK's major stock index, the FTSE 100, was trading higher by nearly 1 percent ahead of the U.S. stock market open. In fact, the index traded above the 6,600 mark for the first time since August of last year.