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London midday: Insurers cheer Footsie

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Date: Thursday 06 Jan 2005

  • Market Movers
  • FTSE 250 6,939.50 +0.35%
  • techMARK 1,143.74 +0.42%
  • FTSE 100 4,830.60 +0.51%

LONDON (ShareCast) - London's top flight shares made headway as the insurance sector came on leaps and bounds with bid rumours circulating Royal & Sun.

Legal & General, Friends Provident and Prudential also featured among the strongest risers.

Fund manager Aberdeen Asset Management reported an annual pre-tax profit before goodwill amortisation and exceptionals of £15.1m up from £5m the year before.

The group, which said it would contribute £74m of compensation to the split-capital trusts, declared a dividend of 4p unchanged from the year before.

The mining sector boosted sentiment, helped an increase in base metals prices.

Housebuilding stocks were hot footing it after Redrow completed 6% more house sales in the first-half and added gave an upbeat outlook about the housing market.

Retail software provider Torex Retail said annual pre-tax profit would beat analysts' expectations, after it won new contracts.

Ports operator Forth Ports weighed heavily on the mid caps despite saying its annual results would be broadly in line with its expectations. Sentiment was dashed by news that shutdowns at some oil fields meant piped cargo tonnages had been lower than expected.

In other news upmarket retailer Laura Ashley said chief executive officer Ainum Mohd-Saaid was resigning for personal reasons. He will be replaced by Lillian Tan, currently a non-executive director, the group said in company statement.



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