The FTSE 100 edges up despite GLOBAL slump

Getty Images

GKN shares plunged 8 per cent of the engineering company, said its chief executive-designate has been to leave the farm.

Kevin Cummings had been due to take over as chief executive on 1 January, but GKN said it felt the next stage of its development was the “best issued under alternative leadership”.

The news came as GKN said that it would take a charge of up to £130 million at the North American aerospace arm.

In spite of GKN’s fall, the FTSE 100 was up 8.81 points, to 7,381.42 in early trade.

Shares of Royal Mail rose 2.4%, although the post giant reported a decrease of 30% for the half-year pre-tax profit of £77m.

The group’s turnover increased 2% to £4.8 billion, helped by a strong performance from its Europe-focused parcels business General Logistics Systems.

The Royal Mail also warned that its performance in the second half of the year, which includes the key Christmas trading period, may be affected by the “industrial relations of the environment”, as he tries to reach an agreement with unions on salaries and pensions.

On the currency markets, the pound was little changed against the dollar at $1.3167, and was also flat against the euro to €1.1170.