Wealth Manager - the site for professional investment managers

Register to get unlimited access to Citywire’s fund manager database. Registration is free and only takes a minute.

RSA Insurance tops struggling FTSE

RSA Insurance tops struggling FTSE

Shares in RSA Insurance were boosted by a newspaper report that a recent accounting scandal was an ‘isolated incident’, while the broader FTSE 100 was knocked by further weak data on the Chinese economy.

Mining companies weighed in London, with Fresnillo and Randgold off around 2%, after HSBC’s services PMI for China fell to 50.9 in December from 52.5 in November. A number above 50 indicates expansion.

The UK’s blue chip index slipped 0.1% to 6,723.

RSA Insurance rose 7.1% to 98p after the Sunday Telegraph reported that an independent investigation is set to conclude that no further write-downs will be needed, when a report is published on Thursday.

The £200 million capital blackhole at RSA Group’s Irish operations was an isolated incident, accountancy firm PwC will say, according to the newspaper

Helping RSA higher, analysts at UBS raised their price target on the stock to 113p from 100p, with a buy rating.

Leave a comment!

Please sign in or register to comment. It is free to register and only takes a minute or two.
Citywire TV
Play Big City Bright Future

Big City Bright Future

Big City Bright Future, the brainchild of BlackRock, is a three-week work experience programme for school leavers looking to forge a career in the City.

Play Kames' Ennett: Trump good for US high yield, but beware Europe

Kames' Ennett: Trump good for US high yield, but beware Europe

Kames Capital’s head of high yield David Ennett believes the changing political landscape will be a positive for the US, but negative for Europe in 2017.

Play Philip Milburn: why inflation won't run out of control

Philip Milburn: why inflation won't run out of control

Kames bond fund manager views inflation as more of 'scare' than a 'problem' and is positioning his portfolios accordingly.

Read More
Your Business: Cover Star Club

Profile: change is the only constant for Quilter Cheviot

Profile: change is the only constant for Quilter Cheviot

This is not the first time we have profiled David Miller, but at the time of his previous appearance his company looked very different.

Wealth Manager on Twitter