Financial and Insurance stocks lead FTSE lower

Following a lack-lustre performance by US indices on Friday it was always likely that the FTSE 100 index was not going to start with a bank today, and this was the case as insurers such as R&SA and asset manager and insurer Old Mutual led the index down 10 points to 4,164. Old Mutual fell 3.25p to 91.5p after it said second half profit would be down on the first half because of stock market falls and its assets under management continue to fall in value - representing cuts to asset management fees. Royal & Sun Alliance is down 7p to 134p and Amvescap is down 12p to 459p. ...