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FTSE lower on Royal Mail rating Royal Mail helps FTSE to end lower
(about 5 hours later)
(Noon): London's main share index remains lower in afternoon trade on Tuesday, led by Royal Mail. (Close): London's main share index remains lower at the close on Tuesday, led by Royal Mail.
Royal Mail shares were down 4.5% at 433.70p after the investment bank, JP Morgan cut its rating and price target on the company. Royal Mail shares were down 4.9% at 432.2p after the investment bank, JP Morgan cut its rating and price target on the company.
Overall, the FTSE 100 slipped by 0.33%, or 22 points, to trade at 6814.43 Overall, the FTSE 100 slipped by 8.03 points to 6829.12.
Supermarket chain Morrisons was among the best performing stocks, up 6% to 188.70p after January sales figures showed some improvement. Shares in Marks and Spencer were the best among the 100 gainers, up by 5% to 498.7p.
Retail analysts Kantar Worldpanel said Tesco saw its first increase in sales in since January last year, while sales at Morrison's fell by just 0.4% over the same period. Supermarket chain Morrisons had been the top performer, up 6% at one stage after January sales figures showed some improvement. That closed up 3.4%.
Shares in the paper company Mondi were the best performers, up more than 2% and trading near a record high, after a positive trading update. Retail analysts Kantar Worldpanel said Tesco saw its first increase in sales in since January last year, while sales at Morrison's fell by just 0.4% over the same period. Tesco shares were 3.6% higher.
Mondi said its basic headline earnings per share would increase by between 7% and 11% for 2014. On the currency markets, the pound was up 0.23% against the dollar at $1.523. Against the euro the pound was up 0.31% at €1.3478.
On the currency markets, the pound was up 0.07% against the dollar at $1.522. Against the euro the pound was up 0.15% at €1.345.