Royal Mail value soars by £1bn

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Royal Mail soared by more than £1 billion in value during a storming first day of trading, netting big profits for investors but prompting accusations that the Government sold it too cheaply.

Nearly 700,000 small investors saw their stakes increase by around £280 as the price closed up more than a third at 455p, while around 150,000 postal workers could be sitting on stakes worth more than £3,000.