The FTSE 100 index did have a bad day of trading, as predicted this morning, but it was eventually as a result of reduced confidence in life insurers rather than in the worst seasonal December sales for 10 years.
The FTSE 100 index closed down 22 points or 0.5% to 4818.7 after Morgan Stanley analysts recommended shareholders reduce their holdings in Aviva – parent group behind Norwich Union – and Legal & General Group because both firms have recently enjoyed strong share price gains. As a result of such advice, Aviva lost 1.9% to 630.5p by close of business while L&G dropped 3% in value to 114p. Morrison, the 4th largest supermarket in the UK, also suffered a major fall in its share price by London’s close after the company announced it had struggled to match competitor price cuts over the hol...
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