FTSE up and Royal Mail soars on first day of trading

Shares in Royal Mail have jumped 35 per cent in early trading today as the newly-listed company enters the stock market for the first time.

Shares were priced at the top of their range at 330p each last night when handed out to retail and institutional investors, but within half an hour of trading the shares had risen to more than 440p.

Meanwhile, Standard Life and Schroders helped lift the FTSE 100 up 0.2 per cent this morning as investors seemed more optimistic that a deal would be reached in the US to increase the country’s debt limit.

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The index had been on a downward slide in recent weeks amid a political stalemate and a shutdown of government in the world’s biggest economy, but last night the Republican opposition began talks with president Barack Obama about a temporary increase to ease the immediate pressure.