Resolution slides off FTSE 100

The insurance takeover vehicle has seen its share price plunge around 20% since the start of the year. At £1.7bn, the company now stands as the 123rd-biggest on the London market. Resolution's share price retreated to 71.95p last night - compared to a high of 116p and 100p when flotated in December 2008. The £600m raised from the IPO was intended to fund takeovers, but despite several companies being lined up only one deal has thus far materialised - last year's £1.9bn purchase of Friends Provident. In Feburary, Friends Provident reported a 13% drop in 2009 sales, with speculation ...