LONDON (ShareCast) - Life assurance giant Standard Life jumped on Tuesday, giving a big lift to the life insurance sector, which was at the top of the pile in afternoon trade.

Standard Life saw profits rise in the first half after a strong performance in the UK, its biggest market. Operating profit before tax was up 15% with assets under administration 3% higher than the year before.

The stock was upgraded by Panmure Gordon today from 'hold' to 'buy', with the broker saying that the results will lead to an increase in consensus forecasts.

"Despite the recent share price rally we believe that there is further to go," said Panmure analyst Barrie Cornes.

Insurance counterparts Legal & General and Prudential were also higher this afternoon.

Meanwhile, United Utilities was putting in an impressive performance today, lifting the utilities sector higher.

Shares surged on the back of rumours that overseas investor from Canada and the Middle-Easy are eyeing up the company as a break-up candidate.

Sector peers Severn Trent and Pennon were also wanted.


Top performing sectors so far today
Life Insurance 4,636.41 +2.09%
Gas, Water & Multiutilities 5,304.45 +1.68%
Automobiles & Parts 5,115.69 +1.67%
Food & Drug Retailers 4,149.47 +1.50%
Industrial Metals & Mining 2,804.49 +1.45%

Bottom performing sectors so far today
Construction & Materials 3,305.97 -3.36%
Food Producers & Processors 5,973.18 -0.19%
Mining 18,590.59 -0.18%
Fixed Line Telecommunications 2,567.45 -0.05%
Tobacco 38,886.21 -0.03%

BC

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