Royal Mail shares soar as general trading begins

<p>The share price of Royal Mail continues to shoot up.</p>

The share price of Royal Mail is up today (October 15th) as stocks go on general sale.

Today is the first day shares in the company have been on open trading on the London Stock Exchange and they have continued to increase in value during the morning session.

At 11:35 BST, stocks in the firm were selling almost one per cent higher than at the opening of the index this morning.

The government has regularly been forced to defend the pricing of shares in Royal Mail, with Labour accusing it of undervaluing the organisation by as much as £1 billion.

Members of the public initially had the chance to buy at least £750 worth of shares in Royal Mail – priced at 333p, but the stocks were hugely oversubscribed.

Shadow business secretary Chuka Umunna recently stated that the privatisation of Royal Mail will line the pockets of hedge funds and investors, rather than boosting the taxpayer.

Find up to date information on the FTSE 100 and spread betting strategies at City Index

Build your confidence risk free
Join our live webinars for the latest analysis and trading ideas. Register now

StoneX Financial Ltd (trading as “City Index”) is an execution-only service provider. This material, whether or not it states any opinions, is for general information purposes only and it does not take into account your personal circumstances or objectives. This material has been prepared using the thoughts and opinions of the author and these may change. However, City Index does not plan to provide further updates to any material once published and it is not under any obligation to keep this material up to date. This material is short term in nature and may only relate to facts and circumstances existing at a specific time or day. Nothing in this material is (or should be considered to be) financial, investment, legal, tax or other advice and no reliance should be placed on it.

No opinion given in this material constitutes a recommendation by City Index or the author that any particular investment, security, transaction or investment strategy is suitable for any specific person. The material has not been prepared in accordance with legal requirements designed to promote the independence of investment research. Although City Index is not specifically prevented from dealing before providing this material, City Index does not seek to take advantage of the material prior to its dissemination. This material is not intended for distribution to, or use by, any person in any country or jurisdiction where such distribution or use would be contrary to local law or regulation.

For further details see our full non-independent research disclaimer and quarterly summary.