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RSA Insurance tops struggling FTSE
by Chris Marshall on Jan 06, 2014 at 10:00
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.
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