UK markets closed lower today, led by Prudential after the insurer was fined by the regulator for mi...
UK markets closed lower today, led by Prudential after the insurer was fined by the regulator for misleading customers when selling them insurance policies linked to mortgage loans and announcements that the MPC was to hold rates while the ECB was to cut rates by 0.25 percentage points.
The FTSE 100 Index declined 8.1 points, or 0.2%, to 3555.4 at close today. The FTSE 250 Index slid 12.9, or 0.3%, to 3987.
Prudential lost 8p to 308p. The insurer has been fined 750,000 pounds by the FSA for selling unsuitable insurance policies for repaying mortgages.
Royal & SunAlliance's shares faired better despite announcing a cut to its dividend for a second straight year. Its stock price closed up 0.5p to 67p.
Bristol & West Investments advanced 0.75p to 7.25p on news that it expects to meet analyst forecasts for fiscal 2003 pretax profit and dividends.
Cattles rose 25p 287p. The provider of unsecured loans to low-income households had a 28% rise in second-half profit as it expanded its network and bought new businesses.
Rathbone Brothers lost 7.5p to 435p. The 261-year-old UK money manager, reported an 82% drop in second-half profit as slumping stock markets cut funds under management.
Arriva added 17p to 302p on news that full-year profit rose 61% after it expanded its mainland European bus business.
Senior gained 2.25p to 24p. The maker of air ducts for Boeing aircraft said it expects a recovery in its aerospace unit, Senior's main business.
Meanwhile on the other side of the Atlantic, the Dow Jones Industrial Average is currently trading down 103.8 points to 7671.8, while the S&P 500 Index is down 8.8 points to 821. The Nasdaq Composite Index is down 12.8 points to 1301.6.
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