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Mining shares pull FTSE 100 lower FTSE 100 down as Royal Mail falls
(about 2 hours later)
(Morning): Worries about falling iron ore prices hit mining shares, which helped to drag the market lower. (Noon): Disappointing company news and worries over weak commodity prices combined to pull the market lower.
Shares in both Rio Tinto and BHP Billiton dropped 1.5%, and the benchmark FTSE 100 index was down 8.31 points at 6,700.82. Shares in Royal Mail dived nearly 8% after it warned that rivals were eating into its parcel delivery business.
Weaker commodity prices have also affected product testing firm Intertek. Underlying pre-tax profits dropped to £218m for the six months to 28 September, from £233m in the same period last year.
The company's shares fell 7.5% after said lower prices were affecting its commodities division and oil-related services. Royal Mail was the biggest faller on the FTSE 100, with the index down 7.83 points at 6,701.30.
Shares in Royal Mail gave up early gains to stand 3% lower at 455p after the company reported a fall in half-year profits. 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%.
Royal Mail also warned that it was facing tougher competition from new rivals in the parcel delivery sector. 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 14% and Punch Taverns dropped more than 9%. 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 0.1% against the dollar to $1.5647 and was also 0.1% higher against the euro at €1.2481. 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.