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FTSE 100 rises but RBS shares hit by more losses FTSE 100 rises but RBS shares hit by more losses
(about 4 hours later)
(Open): UK shares continued to rise following Thursday's interest rate cut, but RBS shares fell after it reported worse-than-expected losses. (Noon): UK shares continued to rise following Thursday's interest rate cut, but RBS shares fell after it reported worse-than-expected losses.
After rising 1.6% on Thursday, the FTSE 100 climbed another 38.01 points, or 0.6%, to 6,778.17. After rising 1.6% on Thursday, the FTSE 100 climbed another 22.91 points, or 0.3%, to 6,763.07.
However, Royal Bank of Scotland was the biggest faller in the index, dropping 4.6%. However, Royal Bank of Scotland shares dived 5.7% after it reported a £2bn loss for the first half of the year, which it blamed on "legacy issues".
The fall came after RBS reported a £2bn loss for the first half of the year, which it blamed on "legacy issues". RBS also said it would not separate and list its Williams & Glyn business.
On the currency markets, the pound steadied after having fallen in the wake of the Bank of England's announcement on Thursday. Shares in housebuilders rose as updates from two firms in the sector helped to ease fears of a Brexit-induced downturn in the sector.
Sterling edge up 0.1% against the dollar to $1.3127 and also 0.1% higher against the euro at €1.1791. Bellway rose 5% after the housebuilder said customer confidence and trading conditions have "remained strong throughout the year", while bricks and concrete products maker Ibstock jumped 8% after it said trading was continuing at normal seasonal levels.
On the currency markets, the pound steadied after having fallen in the wake of the Bank of England's rate cut on Thursday.
Sterling rose 0.4% against the dollar to $1.3166 and was 0.2% higher against the euro at €1.1803.