Prudential had a bruising day after announcing it would need more financial help to develop for the future, but the FTSE 100 still had plenty to lift the spirits.
At close of business in London, the FTSE 100 index gained 28.6 points or 0.62% to 4,655 even though Prudential closed down 36p or 7.86% to 422p.
Prudential announced it would seek new investment worth £1bn through a shareholder offering, to help finance regulatory financial requirements as well as help the firm develop for the future given it is still unable to fully sell its Egg online banking division.
At the other end of the scale, Reuters had strong gains and closed up 27.5p or 8/51% to 350.5p.
Sainsbury also gained 7p or 2.89% to 249p after today reporting it would lay off 700 staff to help create 3000 new jobs and refurbish stores.
Its biggest competitor, Tesco, subsequently saw its share price close up 3.5p or 1.22% to 289.5p after a rival firm suggested the UK supermarket chain would have 35% of market share by 2009.
In the US, markets haven’t fared too well as the threat of Elliott Spitzer’s investigation is now looming over several other insurance firms who are said, according to the New York District Attorney’s office, to have seen brokers steer business to them because they paid the highest fees or were involved in “bid-rigging”.
Two of the three main indices were up by close of business in London, as the Nasdaq and Dow Jones made small gains.
The Dow Jones was up 14.8 points or 0.15% to 9,971 by 18:00 London time, while the Nasdaq Composite index added 4.8 points or 0.25% to 1,941 and the S&P 500 index dropped almost 3 points or 0.27% to 1,111.IFAonline
Caring for children and elderly relatives
Similar to June 2007
Square Mile’s series of informal interviews
Fine reduced to £60,000
Two roles created