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Prudential pulls FTSE 100 higher Prudential pulls FTSE 100 higher
(about 3 hours later)
Insurance giant Prudential led the London stock market higher after it reported record operating profits.Insurance giant Prudential led the London stock market higher after it reported record operating profits.
Shares in the company rose 2.5% as strong growth in its Asian business helped its group operating profits to rise 7% to £4.3bn. Shares in the company rose 3% as strong growth in its Asian business helped its group operating profits to rise 7% to £4.3bn.
Profits at its Asian operations rose 28% to £1.5bn.Profits at its Asian operations rose 28% to £1.5bn.
However, its UK operating profits fell by nearly a third, hit by a £175m charge following a review of sales practices at its annuity business.However, its UK operating profits fell by nearly a third, hit by a £175m charge following a review of sales practices at its annuity business.
The rise in Prudential helped the wider market to edge up, with the benchmark FTSE 100 index rising 3.35 points to 7,370.43 in morning trade. The rise in Prudential helped the wider market to edge higher, with the benchmark FTSE 100 index up 8.07 points at 7,375.15 shortly before midday.
On the currency markets, the pound fell to an eight-week low against the dollar, dropping 0.7% to $1.2136. Bank shares were under pressure, with Royal Bank of Scotland down 3% and Lloyds 2% lower.
Analysts cited worries over the triggering of Article 50 and a second Scottish independence referendum for the falls. The dollar has also been gaining strength on expectations that the US Federal Reserve will raise interest rates on Wednesday. In the FTSE 250, shares in online grocery service Ocado rose 4.5% as it reported strong sales growth. It also said there were signs that prices were starting to rise, after a period where supermarkets have been trying to combat the rise of discount chains Aldi and Lidl.
Against the euro, the pound was down 0.6% at 1.1403 euros. "While the market remains very competitive, there are the first signs of a change in market pricing dynamics coming through," the retailer said.
On the currency markets, the pound fell to an eight-week low against the dollar, dropping 0.7% to $1.2132.
Analysts cited worries over the triggering of Article 50 and a second Scottish independence referendum for the fall.
Against the euro, the pound was down 0.5% at 1.1410 euros.