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FTSE 100 down as Royal Mail falls | FTSE 100 down as Royal Mail falls |
(about 5 hours later) | |
(Close): Disappointing company news and worries over weak commodity prices combined to pull the market lower. | |
Shares in Royal Mail closed 8.4% lower 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. | 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 itself closing 12.53 points lower at 6696.60. | |
Mining shares fell on worries that iron ore prices will fall further next year. Rio Tinto fell 2.1% and BHP Billiton dropped 2.1%. | |
Shares in product testing firm Intertek fell 7.8% 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 16.7% and Punch Taverns dropped 16.8%. | |
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 $1.56800 and was also 0.2% higher against the euro at €1.2492. | |
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. | 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. | Analysts said the tone of the minutes suggested that the next rate rise might come earlier than markets had expected. |