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FTSE 100 dips as Royal Mail falls further Sterling falls on weak retail sales data
(about 4 hours later)
London's stock market opened lower, with shares in Royal Mail continuing to lose ground. News of a sharper-than-expected fall in UK retail sales last month hit the value of the pound.
Royal Mail shares had fallen nearly 6% on Thursday as investors reacted to news of a further decline in the number of letters being delivered. Retail sales dropped 1.9% in December, the biggest monthly fall for more than four and a half years.
Shares in the company fell again in early trade, down more than 3% at 409p. In response, sterling weakened against other currencies, and shortly after midday the pound was down 0.4% against the dollar at $1.2292 and 0.2% lower against the euro at 1.1546 euros.
That made Royal Mail the biggest faller on the FTSE 100, with the benchmark share index down 11.98 points at 7,196.46. The FTSE 100 share index was down 1.56 points at 7,206.88.
In the FTSE 250, shares in chemicals maker Synthomer jumped 14% after it raised its profit forecast for 2016, saying it expects to report pre-tax profits of about £120m. Once again Royal Mail shares were the biggest fallers on the index, as investors continued to react to Thursday's news of a further decline in the number of letters being delivered.
On the currency markets, the pound rose 0.1% against the dollar to $1.2356 and also edged up 0.1% against the euro to 1.1579 euros. Royal Mail shares had fallen nearly 6% on Thursday, and on Friday they were down a further 3% at 409.50p.
In the FTSE 250, shares in chemicals maker Synthomer jumped 11% after it raised its profit forecast for 2016, saying it expects to report pre-tax profits of about £120m.