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FTSE revival continues but Royal Mail falls after Ofcom investigation FTSE revival continues but Royal Mail falls after Ofcom investigation
(35 minutes later)
Leading shares continued Wednesday's revival, but Royal Mail has missed out on the gains.Leading shares continued Wednesday's revival, but Royal Mail has missed out on the gains.
Its shares have fallen 5.5p to 509.5p, its lowest level since 22 October. The company warned on Wednesday that an investigation into wholesale mail price rises would create a period of uncertainty. Ofcom said on Wednesday it would investigate a complaint from rival TNT Post. Its shares have fallen 5.5p to 509.5p, its lowest level since 22 October. The company warned on Wednesday that an investigation into wholesale mail price rises would create a period of uncertainty. Ofcom said on Wednesday it would investigate a complaint from rival TNT Post. Analyst Robin Byde at Cantor Fitzgerald issued a sell note, saying:
This week also saw the expiry of the government's lock-up on its near 30% stake, but any sale by UK authorities ahead of May's final results would not be taken well. UBS also issued a sell note, with a price target of 450p. The bank said:
This week also saw the expiry of the government's lock-up on its near 30% stake in Royal Mail, but any sale by UK authorities ahead of May's final results would not be taken well.
Overall, markets rallied despite disappointing Chinese trade data, which showed exports falling by 6.6% in March. This was below expectations of a 4% rise but better than February's 18.1% decline. News of a link-up between Hong Kong and Shanghai stock exchanges to widen access to overseas investors also helped sentiment.Overall, markets rallied despite disappointing Chinese trade data, which showed exports falling by 6.6% in March. This was below expectations of a 4% rise but better than February's 18.1% decline. News of a link-up between Hong Kong and Shanghai stock exchanges to widen access to overseas investors also helped sentiment.
So the FTSE 100 has climbed 36.22 points to 6671.83, still slightly down on the week after the falls on Monday and Tuesday. Investors have been buoyed by the latest minutes from the US Federal Reserve, which showed no inclination to raise interest rates in the immediate future. Michael Hewson, chief market analyst at CMC Markets UK, said:So the FTSE 100 has climbed 36.22 points to 6671.83, still slightly down on the week after the falls on Monday and Tuesday. Investors have been buoyed by the latest minutes from the US Federal Reserve, which showed no inclination to raise interest rates in the immediate future. Michael Hewson, chief market analyst at CMC Markets UK, said:
Reassuring figures from Marks & Spencer, after all the analysis of its continuing problems, have lifted its shares 10.6p to 466.6p, while rival Next is up 110p to £65.75.Reassuring figures from Marks & Spencer, after all the analysis of its continuing problems, have lifted its shares 10.6p to 466.6p, while rival Next is up 110p to £65.75.
But with investors dipping their toes into riskier waters, safe haven utilities stocks were on the slide.But with investors dipping their toes into riskier waters, safe haven utilities stocks were on the slide.
Centrica is down 3p to 334.6p, not helped by news of a £5.6m fine for blocking business customers from switching suppliers.Centrica is down 3p to 334.6p, not helped by news of a £5.6m fine for blocking business customers from switching suppliers.
SSE has slipped 12p to £14.74 while Severn Trent is down 7p at £17.96.SSE has slipped 12p to £14.74 while Severn Trent is down 7p at £17.96.
Among the mid-caps Cairn Energy has lost 3.8p to 166.1p after deputy chief executive Mike Watts and chief financial officer Jann Brown announced they were stepping down at May's annual meeting.Among the mid-caps Cairn Energy has lost 3.8p to 166.1p after deputy chief executive Mike Watts and chief financial officer Jann Brown announced they were stepping down at May's annual meeting.