FTSE Slips But Legal and General Profits
Legal and General was the top performer in the FTSE 100 on Thursday, after a positive trading note from Nomura, combined with better than expected results from a regulatory study into the annuities market, inspired investors.
The Financial Conduct Authority proposed several changes to the market, and said that at the moment competition alone was not working in terms of ensuring that customers get the best possible deal. However, they added that with this year’s budget announcement that there should not be a requirement for customers to buy an annuity, shoppers will enjoy more freedom of choice. In addition, the FCA noted that its study had found no evidence of widespread mis-selling.
Nomura increased its rating for Legal and General by 3.9p, up to 245.2p and gave the stock a buy rating. The explained that they believe the market is currently under-appreciating Legal and General’s momentum, and that there is strong potential for growth in several sectors that the company operates in.
Overall, the FTSE 100 slipped by 41.26 points, down to 6458.78. This fall occurred in spite of the oil price, which is one of the market’s biggest influencers at this time, making a recovery. The price of Brent Crude climbed back up slightly to just over $65, a gain of 1.2%, but still leaving it a long way from its former level of over $70 a barrel. This reduced price continues to hamper stocks in oil and gas exploration and distribution companies.
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