London's blue chip shares open modestly higher, up 0.1% at 6,756 in a busy day for corporate updates.
Royal Mail (RMG) is among the bigger movers in the FTSE 100, down 2.7% to 485p, as first half results show revenue grew 1% and operating profit declined 5% to £320m. Chief executive Moya Greene upped a cost cutting target from £500m to £600m over the next three years.
Infrastructure play Hill & Smith (HILS), one of the expected beneficiaries of a Donald Trump electoral victory, surges 8.3% to£13.10 as it reports conditions in many of its key infrastructure markets 'remain favourable'. Revenue grew 6% in the three months to 1 October while operating margins were also higher than the same period last year.
Virgin Money (VM.) falls 6.9% to 315p as private equity firm WL Ross sells off its remaining stake in the lender. Investment bank Merrill Lynch organised the transaction, which saw institutional investors buy up WL Ross' 12% equity stake at 320p a share.
Also in banking, Investec (INVP) gains 4.5% to 523p as it generates decent profit performance and reports a stronger capital position. Core Tier 1 equity, a measure of financial strength, increased from 6.3% to 7.0%.
Small cap marketing and communications outfit Creston (CRE) soars 32% to 123p as Isle of Man headquartered DBAY Advisors launches a 126p a share bid. Directors at Creston are recommending the bid to shareholders.
