Hargreaves shares fall nearly 3% after RBS downgrade

Hargreaves Lansdown shares fell nearly 3% this morning, following an RBS downgrade from 'hold' to 'sell'.

The distribution business' shares dropped 12.90p to 433.40p, a fall of 2.89%, following the downgrade. The broker note from RBS said: "[With] revenue margins facing potential downward pressure and competition from a number of new entrants - both of which are our longer-term concerns - likely to have a more significant impact on the stock's outlook ...