FTSE closes down on poor day for insurers

The index closed at 5,703.37, down 23.84 points or 0.42%, although it made a slight recovery in the final hour of trading. Old Mutual finished 4.75% down at 138.3p after news HSBC would not be  buying a controlling stake in South African bank Nedbank, which it owns. The firm was also hit by a downgrade of the insurance sector by Citigroup, which also dragged RSA Insurance down by 3.23% to 131.8p and Standard Life down 3.24% to 227p. However, RBS and Barclays closed 2.43% and 1.8% up respectively, providing a recovery from yesterday's falls, while BT Group ended up 2.93% at 147.4p a...