London stocks mark 5th successive session of gains as financials rise
London's blue-chip ticker ended Wednesday higher for a fifth successive session after financial stocks put weaker energy stocks in their place.
The FTSE 100 index closed up 0.2% at 6866 - a fresh 14-month high.
The UK insurance sector was the powerhouse for the bourse, with Prudential (LON:PRU) closing up 2.3% at 1,424.30p after reporting operating profits rose by a larger-than-expected 9% to £2.06bn boosted by rapid growth in Asia. It said it was well placed to deliver both growth and cash.
But the buoyant interim earnings were tarnished by the company's suggestion it is mulling moving its funds from London to either Dublin or Luxembourg, according to a Reuters report. The move would be part of the insurer's efforts to maintain access to the European Union's single market after Britain's vote to leave the trading bloc.
But wherever the Pru manages its funds from, it is evident that the insurer's business growth is now focused on Asia.
Other insurers were lifted too, such as Legal & General (LON:LGEN) up 3.2% to 212.54p, and Admiral (LON:ADM) up 0.2% to 2,246.41p.
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