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| Insurance firms and GlaxoSmithKline results boost FTSE | |
| (7 months later) | |
| (Close): The London market closed higher boosted by better-than-expected results from drugs giant GlaxoSmithKline and a sharp rise in insurance firm shares. | (Close): The London market closed higher boosted by better-than-expected results from drugs giant GlaxoSmithKline and a sharp rise in insurance firm shares. |
| The benchmark FTSE 100 index closed up 27.4 points at 6,399.73. | The benchmark FTSE 100 index closed up 27.4 points at 6,399.73. |
| Shares in Glaxo jumped 2.6% after its core earnings per share of 27.9p, beat analysts' forecasts. | Shares in Glaxo jumped 2.6% after its core earnings per share of 27.9p, beat analysts' forecasts. |
| Motoring group AA said the price of car insurance had risen for the first time since early 2012 boosting insurers. | Motoring group AA said the price of car insurance had risen for the first time since early 2012 boosting insurers. |
| Admiral was the top riser on the FTSE 100, jumping 3.4%, while Direct Line, the UK's largest car insurer, gained 3.1% and esure Group rose 5.9%. | Admiral was the top riser on the FTSE 100, jumping 3.4%, while Direct Line, the UK's largest car insurer, gained 3.1% and esure Group rose 5.9%. |
| BAT shares fell 2.6% to 3,375p after it posted a 9.6% drop in revenues for the first nine months of the year. The company has been hit by currency movements and weak economic growth in Europe. | BAT shares fell 2.6% to 3,375p after it posted a 9.6% drop in revenues for the first nine months of the year. The company has been hit by currency movements and weak economic growth in Europe. |
| Outside the FTSE 100, shares in Home Retail Group were initially hit as it reported a 5% drop in half-year profits to £13.5m and said it would cut the number of Homebase stores by a quarter by 2018. | Outside the FTSE 100, shares in Home Retail Group were initially hit as it reported a 5% drop in half-year profits to £13.5m and said it would cut the number of Homebase stores by a quarter by 2018. |
| Home Retail Group's shares dived 6% at first, before recovering to close 2.3% higher. | Home Retail Group's shares dived 6% at first, before recovering to close 2.3% higher. |
| Shares in Supergroup - the company behind the Superdry fashion brand - fell 5.3% to 975p. The company announced that the former Co-operative Group boss Euan Sutherland would become its new chief executive. | Shares in Supergroup - the company behind the Superdry fashion brand - fell 5.3% to 975p. The company announced that the former Co-operative Group boss Euan Sutherland would become its new chief executive. |
| Mr Sutherland is replacing founder Julian Dunkerton, who will be taking up a new position as product and brand director. | Mr Sutherland is replacing founder Julian Dunkerton, who will be taking up a new position as product and brand director. |
| On the currency markets, the pound weakened after the release of minutes from the latest Bank of England meeting. | On the currency markets, the pound weakened after the release of minutes from the latest Bank of England meeting. |
| Analysts said the minutes indicated that the Bank's Monetary Policy Committee is some way off voting for any rate rise, with most observers now not expecting an increase until the second half of 2015. | Analysts said the minutes indicated that the Bank's Monetary Policy Committee is some way off voting for any rate rise, with most observers now not expecting an increase until the second half of 2015. |
| The pound fell 0.3% against the dollar to $1.6068 and but rose 0.2% against the euro at 1.2694 euros. | The pound fell 0.3% against the dollar to $1.6068 and but rose 0.2% against the euro at 1.2694 euros. |
| T | T |
| "Pricing power is not common in a low-growth world, so any | "Pricing power is not common in a low-growth world, so any |
| industry that displays it is likely to attract investor | industry that displays it is likely to attract investor |
| interest," Robert Parkes, director of equity strategy at HSBC, | interest," Robert Parkes, director of equity strategy at HSBC, |
| said. | said. |
| "This appears to be the case for insurance. The sector is | "This appears to be the case for insurance. The sector is |
| being well supported by positive earnings momentum and a premium | being well supported by positive earnings momentum and a premium |
| yield." | yield." |
| The FTSE 100 finished 0.4 percent higher at 6,399.73 points. | The FTSE 100 finished 0.4 percent higher at 6,399.73 points. |
| It had fallen more than 10 percent in four weeks before making a | It had fallen more than 10 percent in four weeks before making a |
| marginal recovery since late last week. | marginal recovery since late last week. |
| Gains were partly offset by a fall in British American | Gains were partly offset by a fall in British American |
| Tobacco after a trading update. | Tobacco after a trading update. |
| BAT was down 2.6 percent after the maker of Pall Mall and | BAT was down 2.6 percent after the maker of Pall Mall and |
| Dunhill cigarettes said the trading environment remains | Dunhill cigarettes said the trading environment remains |
| challenging because of pressure on consumer disposable income | challenging because of pressure on consumer disposable income |
| worldwide, currency issues and a slow economic recovery in | worldwide, currency issues and a slow economic recovery in |
| western Europe. | western Europe. |
| "Any company that has been operating globally, particularly | "Any company that has been operating globally, particularly |
| in emerging markets, has been facing currency headwinds," David | in emerging markets, has been facing currency headwinds," David |
| Battersby, investment manager at Redmayne-Bentley, said. | Battersby, investment manager at Redmayne-Bentley, said. |
| Retail stocks also fell on industry data showing sales at | Retail stocks also fell on industry data showing sales at |
| Tesco had declined in the last 12 weeks. Tesco, | Tesco had declined in the last 12 weeks. Tesco, |
| Sainsbury's and Morrisons fell in the range of | Sainsbury's and Morrisons fell in the range of |
| 1.6 percent to 3.4 percent. | 1.6 percent to 3.4 percent. |
| The mid-cap FTSE 250 index rose 1 percent, boosted | The mid-cap FTSE 250 index rose 1 percent, boosted |
| by a bullish update by gambling technology business Playtech | by a bullish update by gambling technology business Playtech |
| and bid speculation surrounding speciality chemicals | and bid speculation surrounding speciality chemicals |
| maker Croda International. | maker Croda International. |
| Croda rose 5.8 percent, adding to a 1.8 percent gain on | Croda rose 5.8 percent, adding to a 1.8 percent gain on |
| Tuesday, which the Daily Mail and Daily Express newspapers | Tuesday, which the Daily Mail and Daily Express newspapers |
| attributed to talk of a 4 billion pound ($6.5 billion) offer for | attributed to talk of a 4 billion pound ($6.5 billion) offer for |
| the company. | the company. |
| Playtech surged 5.1 percent after saying it was confident it | Playtech surged 5.1 percent after saying it was confident it |
| would exceed current market expectations after a strong start to | would exceed current market expectations after a strong start to |
| its fourth quarter, which followed a 29 percent rise in revenue | its fourth quarter, which followed a 29 percent rise in revenue |
| in the preceding period. | in the preceding period. |