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FTSE 100 rises despite fall in insurance shares FTSE 100 shrugs off fall in insurance shares
(about 5 hours later)
The London market traded higher, but shares in insurance companies slid following a change to how personal injury claims are calculated. The London market closed higher, but shares in insurance companies slid following a change to how personal injury claims are calculated.
The change, made by the Ministry of Justice, is expected to increase payouts to accident victims and affect insurance companies' profits.The change, made by the Ministry of Justice, is expected to increase payouts to accident victims and affect insurance companies' profits.
Direct Line shares fell 7.5% while Admiral Group dropped 3%. Direct Line shares fell 7% while Admiral Group dropped about 3%.
Despite this, the benchmark FTSE 100 index was up 8.65 points at 7,252.35 by early afternoon. Despite this, the benchmark FTSE 100 index finished 9.30 points, or 0.1%, higher at 7,253.
Shares in the London Stock Exchange fell 2.7% after doubts were raised over the prospect of its planned tie-up with Deutsche Boerse. Shares in the owner of the London Stock Exchange dropped 1.12% after doubts were raised over the prospect of its planned tie-up with Deutsche Boerse.
The LSE said the deal was unlikely to be approved by the European Commission, after it disagreed with the Commission's order for it to sell its 60% stake in MTS, a fixed-income trading platform.The LSE said the deal was unlikely to be approved by the European Commission, after it disagreed with the Commission's order for it to sell its 60% stake in MTS, a fixed-income trading platform.
Persimmon gave up early gains to stand 0.4% lower, despite the housebuilder reporting a 23% rise in annual profits and giving an upbeat description of recent trading. Who killed the LSE-Deutsche Boerse deal?
On the foreign exchanges, the pound was weaker against most other currencies, with analysts putting the fall down to speculation about another referendum on Scottish independence. Persimmon closed 0.25% higher after the housebuilder reported a 23% rise in annual profits and gave an upbeat description of recent trading.
Sterling fell 0.4% against the US dollar to $1.2412 and dropped 0.7% against the euro to 1.1724 euros. On the foreign exchanges, the pound edged lower against most other currencies, with analysts putting the fall down to speculation about another referendum on Scottish independence.
Sterling dropped 0.54% against the euro to 1.17380 euros, and was flat against the US dollar at $1.2456.