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FTSE 100 down as Royal Mail falls | |
(about 2 hours later) | |
(Noon): Disappointing company news and worries over weak commodity prices combined to pull the market lower. | |
Shares in Royal Mail dived nearly 8% after it warned that rivals were eating into its parcel delivery business. | |
Underlying pre-tax profits dropped to £218m for the six months to 28 September, from £233m in the same period last year. | |
Royal Mail was the biggest faller on the FTSE 100, with the index down 7.83 points at 6,701.30. | |
Mining shares fell on worries that iron ore prices will fall further next year. Rio Tinto fell 1.75% and BHP Billiton dropped 1.1%. | |
Shares in product testing firm Intertek fell 7% after it said lower prices were affecting its commodities division and oil-related services. | |
Shares in pub groups fell sharply after MPs voted to give pub tenants more freedom from the big pub companies. Enterprise Inns dived 15% and Punch Taverns dropped nearly 11%. | |
Enterprise Inns said the reform "threatens to have serious unintended consequences for publicans and the industry at large". | Enterprise Inns said the reform "threatens to have serious unintended consequences for publicans and the industry at large". |
On the currency markets, sterling rose 0.3% against the dollar to $1.5683 and was also 0.3% higher against the euro at €1.2511. | |
The pound was boosted by the latest MPC minutes from the Bank of England, which showed policymakers voted 7-2 to hold rates this month with a "material spread of views" over the prospects for inflation. | |
Analysts said the tone of the minutes suggested that the next rate rise might come earlier than markets had expected. |