FTSE inches up as insurers provide back up

The rise of the top share index in Britain continued in a painstakingly slow pace, as the insurance industry helped to steady trading. The FTSE 100 closed up just 1.49 points higher, 0.03 per cent, at 5872, having risen by a very modest 0.1 per cent on both Monday and Friday.

Chris Bradshaw
shareprices.com - Wednesday, June 08, 2011

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The big news of the day came from the insurance firms, with heavyweight Resolution one of the biggest movers in the market. The company went up by 2.8 per cent over plans for a share buyback scheme as well as promises made over the way in which future acquisitions would be funded. Its peers Admiral, Standard Life and Legal and General also went up, climbing by 1.8, 1.3 and 1.6 per cent respectively.

Miners were also one of the top performing sectors in the blue chip index as the weakening dollar and firming metal price trend continued from Monday. Rio Tinto was one of the notable risers, adding 1.23 per cent.

Banks had a mixed day with some stocks going up in price with others struggling to climb out of their recent slump. Barclays was one of the few that did not fare well, falling by 0.5 per cent as it saw its broker rating slashed, due to poor second quarter results which were lower than predictions. Lloyds Banking Group managed to reverse its fortunes from Monday when it was bottom of the pile to add 1.5 per cent on Tuesday.

 

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