Nov 17, 2016
FTSE 100 higher but Royal Mail shares fall
The benchmark FTSE 100 share index was up 24.87 points at 6,774.59. Royal Mail shares dropped 6% to 469.10p after it reported a dip in half-year profits and raised its target for cost savings. Shares in Barratt Developments rebounded 2%. Its shares had fallen sharply on Wednesday when the housebuilder said it was cutting the price of some of its London properties by 10% because of the weakening market. In the FTSE 250, shares in Virgin Money fell 6.2% after US billionaire Wilbur Ross sold his remaining stake in the lender. Mr Ross's private equity firm WL Ross & Co sold 53.6 million shares in the bank, raising £171.5m. On the currency markets, the pound rose 0.3% against the dollar to $1.2481, but fell 0.2% against the euro to €1.1617.
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