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Prudential boost helps FTSE 100 Energy firms lift FTSE 100
(about 3 hours later)
(Open): Insurance giant Prudential helped to pull the market higher as investors welcomed its latest trading update. (Noon): Energy shares helped to lift the market as the price of Brent crude oil held steady near to $80 a barrel.
Shares in Prudential rose 1.7% after the insurer reported a 17% rise in group new business profit to £1.5bn. Tullow Oil shares rose 3.1% while BP was up 1.1%. Brent crude was trading at $79.26 a barrel, having hit $79.95 earlier in the session.
Prudential was one of the biggest risers on the FTSE 100, with the index up 22.66 points at 6,694.63. The benchmark FTSE 100 index was up 27.41 points at 6,699.38.
Royal Mail saw the biggest gain, climbing 2.3% to 478.40p the day before it is due to release half-year results. The mood among investors was also boosted by news of a snap election in Japan, bringing hopes of more stimulus measures in the country.
Shares in drugs giant AstraZeneca were up 0.2% after its latest trading update. Confidence was also helped by a survey indicating the first rise in German analyst and investor sentiment for nearly a year.
The company, which fought off a bid from US firm Pfizer earlier this year, said its development of new drugs was making good progress. The ZEW think tank's monthly survey of confidence rose to 11.5 points in November, well above analysts' expectations.
Easyjet shares fell 1%, despite the airline reporting a 21% rise in full-year profits. Profits rose to £581m for the 12 months to end of September, up from £478m in the previous year. Royal Mail was one of the biggest risers in the FTSE 100, climbing 2.5% to 479.30p the day before it is due to release half-year results.
On the currency markets, sterling rose 0.09% against the dollar to $1.5656 but fell 0.25% against the euro to €1.2533. Shares in Prudential were up 0.3%. They had been trading 1.7% higher earlier after the insurer reported a 17% rise in group new business profit to £1.5bn.
AstraZeneca shares were flat after its latest trading update. The company, which fought off a bid from US firm Pfizer earlier this year, said its development of new drugs was making good progress.
Easyjet shares fell 1% before recovering slightly to stand 0.3% lower. The airline reported a 21% rise in full-year profits to £581m for the 12 months to end of September.
On the currency markets, sterling rose 0.13% against the dollar to $1.5662 but fell 0.4% against the euro to €1.2513.