Insurers take shine off FTSE

The index of UK blue chip firms was down 3.3 points to 4,628.3 in early trade, led by a sell-off in hedge fund group Man, which fell 4% to 275.8 pence. Other losers included insurance groups Old Mutual and Standard Life, which both fell more than 2%, ahead of first-half earnings reports to be published next week. It is feared that UK insurers will have suffered from soured investments and a sales slowdown as a result of the deteriorating economic environment and market volatility. On the upside, British Airways gained 4.5% after announcing that it would meet its cost-cutting target...