Market roundup: RBS sell-off props up FTSE weighed down by Greek woes

The UK announced Wednesday it will sell its 80% stake in Royal Bank of Scotland (RBS). Reuters

Plans for the UK to sell its £32bn (€44bn, $49.5bn) stake in Royal Bank of Scotland pushed the bank's stock and the FTSE slightly higher Thursday.

Chancellor George Osborne made the announcement of the sale during his annual Mansion House speech Wednesday night. Bank of England Governor Mark Carney said the sell-off of the 80% stake, which will be made in phases, "would promote financial stability".

The news pushed the bank's stock 1.89% higher by the end of the day 11 June.

Property company British Land shares gained 2.29% on news that UK house prices are set to rise 25% over next five years.

The FTSE 100 closed positively, but only made gains of 0.24% after its 1.05% rise Wednesday. The IMF's decision to pull its negotiators from debt talks with Greece weighed on the market along with the discounted sale of Royal Mail.

The government's overnight sale of its remaining 30% stake in Royal Mail to pension funds and investment managers came at a 3.1% discount on its 516p closing price Wednesday. Thursday its stock fell 4.49% to 493.3p.

The sale is expected to generate a £750m (€1bn, $1.1bn) profit for the government.

FTSE 100 biggest risers