FTSE 100 movers: RSA rallies on Q3 update; Hiscox hit by downgrade
By Michele Maatouk
Date: Thursday 07 Nov 2019
(Sharecast News) - London's FTSE 100 was up 0.3% in afternoon trade on Thursday as investors sifted through a deluge of corporate news, with sentiment underpinned by optimism over a China-US trade deal.
RSA Insurance was the standout gainer after it reported flat net written premiums for the year to date but said underwriting profit was up "strongly".
Group net premiums were flat overall versus the same period in 2018 at £4.9bn, and broadly in line with the group's plans. Premiums in Scandinavia and Canada were up 2% and 4%, respectively, helping to offset a 3% decline in premium income in the UK and international.
Persimmon was also in the green as the housebuilder said trading over the summer weeks was in line with its expectations, with "the usual pick-up" in customer activity as it moved into the autumn season.
On the downside, Hiscox was under the cosh after JPMorgan downgraded its stance on the shares to 'neutral' and slashed the price target to 1,290p from 1,750p.
SSE was knocked lower by a downgrade to 'hold' from 'buy' at Berenberg.
"Having bounced back from its May 2019 lows, SSE's share price has responded well to an easing of political risks and the group's moves to focus on networks and renewables growth. However, these factors now look to be priced in to the group's valuation," it said.
Hikma Pharmaceuticals lost ground despite reiterating its full-year guidance and saying that full-year revenue in the generics segment is expected to be closer to the top end of its guidance range.
FTSE 100 - Risers
RSA Insurance Group (RSA) 548.40p 3.04%
Persimmon (PSN) 2,344.00p 2.99%
Melrose Industries (MRO) 227.40p 2.25%
Evraz (EVR) 384.10p 2.21%
Burberry Group (BRBY) 2,119.00p 2.17%
Admiral Group (ADM) 2,094.00p 2.00%
Bunzl (BNZL) 2,095.00p 1.90%
NMC Health (NMC) 2,388.00p 1.83%
Smurfit Kappa Group (SKG) 2,742.00p 1.78%
Sage Group (SGE) 732.40p 1.67%
FTSE 100 - Fallers
Hiscox Limited (DI) (HSX) 1,215.11p -12.52%
Hikma Pharmaceuticals (HIK) 1,984.00p -2.02%
United Utilities Group (UU.) 834.40p -1.84%
Ocado Group (OCDO) 1,307.50p -1.73%
SSE (SSE) 1,256.00p -1.61%
London Stock Exchange Group (LSE) 6,826.00p -1.53%
Severn Trent (SVT) 2,207.00p -1.52%
Fresnillo (FRES) 695.32p -1.46%
British Land Company (BLND) 585.25p -1.24%
Polymetal International (POLY) 1,237.00p -1.12%
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