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FTSE posts another gain as pound dips slightly

By Ramla Soni

RBS biggest loser in blue chip index and Nokia has worst day since 2001

Global stocks and the FTSE 100 rose but shares in the Royal Bank of Scotland dropped to the bottom of the UK index, down 2.5 per cent after missing third quarter expectations. Sterling drifted marginally lower against the dollar and euro.

The bank reported an £8 million loss over the three months to the end of September, from a £961 million profit over the same period last year, after making new provisions for PPI compensation.

The euro was steady after the European Central Bank left rates and monetary policy unchanged in Mario Draghi’s final meeting as president after eight years, while the pound was down 0.8 per cent at $1.2812.

The S&P 500 was up 0.1 per cent soon after the opening bell, with the Nasdaq Composite jumping 0.6 per cent.

Europe’s Stoxx 600 was up 0.5 per cent, France’s Cac 40 gained 0.55 per cent and Germany’s Dax added 0.58 per cent, whilst the FTSE 100 was up 0.9 per cent. The UK's blue-chip index closed at 7328.25 a change of 67 points.

Nokia had its worst day since 2001, Reuters reported, down 21 per cent after cutting its 2019 and 2020 profit outlook as the company faces pressure from rivals in the 5G industry.

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