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FTSE 100 falls as Royal Mail shares drop

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The London market was trading lower by Friday lunchtime, with Royal Mail and housebuilders seeing some of the biggest falls.The FTSE 100 share index was down 8.92 points at 7,394.52.Royal Mail was the biggest faller in the index, down 2.6% at 400p.The postal service put forward a new pensions proposal for its employees on Friday, giving them a choice between a defined benefit or contribution pension scheme.Separately, analysts at Liberum reiterated their “sell” rating on Royal Mail and cut their target price for the shares to 385p.Housebuilders were out of favour, with shares in Barratt Developments down 1.9% and Persimmon 1.3% lower.Shares in drugs giant AstraZeneca slid for a second day following a report that its chief executive, Pascal Soriot, is to leave the company to join Israel-based Teva Pharmaceutical Industries.Shares in AstraZeneca fell nearly 3.5% on Thursday and they were down a further 1% on Friday.In the FTSE 250, shares in building and services firm Carillion rose 8% after it said it had appointed HSBC as joint financial adviser and corporate broker to help it carry out a review of the business.Carillion’s shares plunged this week after it said on Monday that its annual sales would fall short of expectations, it needed to strengthen its finances and that its chief executive was to leave.Friday’s small rebound took Carillion’s share price to about 60p, but it remains well below the 191p level it was trading at last week.On the currency markets, the pound rose 0.3% against the dollar to $1.2979 and edged up 0.1% against the euro to 1.1369 euros.
Source: BBC