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FTSE 100 higher but estate agents hit FTSE 100 higher but estate agents hit
(about 3 hours later)
(Open): The UK market opened higher, but shares in estate agents were hit by news that the government is planning a ban on charging fees to tenants. (Noon): The UK market opened higher, but shares in estate agents were hit by news that the government is planning a ban on charging fees to tenants.
The FTSE 100 was up 27.42 points at 6,847.14, with precious metal miners Fresnillo and Randgold Resources the top risers on the index. The FTSE 100 was up 18.65 points at 6,838.37, with United Utilities among the top risers, up 3%, after it posted a small increase in half-year profits.
But in the FTSE 250, news of the ban on letting agents' fees hit shares in Countrywide, which dropped 6%. But in the FTSE 250, news of the ban on letting agents' fees hit shares in Countrywide, which dropped 3.5%.
Rival Foxtons also suffered, with its shares down 11%. Rival Foxtons also suffered, with its shares down 8.5%.
"News of a ban on charging fees to tenants comes as a hammer blow to embattled estate agents," said Neil Wilson, markets analyst at ETX Capital."News of a ban on charging fees to tenants comes as a hammer blow to embattled estate agents," said Neil Wilson, markets analyst at ETX Capital.
"Estate agents have suffered since the Brexit vote - shares in Foxtons are still trading down around 30% from their pre-referendum level amid falling client activity. Countrywide stock is now worth a third of what it was in May 2015.""Estate agents have suffered since the Brexit vote - shares in Foxtons are still trading down around 30% from their pre-referendum level amid falling client activity. Countrywide stock is now worth a third of what it was in May 2015."
Shares in travel company Thomas Cook rose more than 6% despite it reporting a dip in full-year profits. Shares in travel company Thomas Cook rose more than 9% despite it reporting a dip in full-year profits.
Underlying earnings fell by £2m to £308m in a year where the travel industry has been affected by terror attacks in Europe and political instability in Turkey.Underlying earnings fell by £2m to £308m in a year where the travel industry has been affected by terror attacks in Europe and political instability in Turkey.
However, Thomas Cook is planning a dividend payment, of 0.5p a share, for the first time in five years. But the results were slightly better than expected, and Thomas Cook also announced a dividend payment, of 0.5p a share, for the first time in five years.
On the currency markets, the pound fell 0.1% against the dollar to $1.2407, and dipped 0.05% against the euro to €1.1680. On the currency markets, the pound fell 0.2% against the dollar to $1.2393, and dropped 0.25% against the euro to €1.1656.