|CATEGORY: RISERS AND FALLERS
Wed 16 Aug 2017
LONDON (SHARECAST) - (ShareCast News) - Shares in insurer Admiral led the FTSE 100 fallers lost on Wednesday after the company said its interim profits had been hit by the rising cost of personal injury claims after the government changed the payment calculation.
Pre-tax profits rose 2% to £193m in the six months to the end of June 2017, with UK insurance customers up 11%.
However, alterations to the so-called Ogden rate resulted in pressure on 2016 profits, which had continued into 2017.
"Most of the adverse impact from the increase in the costs of large injury claims was in our 2016 second half result," said chief executive David Stevens in a statement.
"However, some extra costs carry into 2017. In these circumstances, we are happy to report a marginal increase in profitability and to deliver a more material increase in the underlying dividend," he said.
Sector peer Direct Line fell in sympathy.
On the positive side of the ledger, Sage Group topped the risers after a UBS upgrade with the Swiss bank coming out as a fan of the recent acquisition of Intacct.
Miners led a rally, with Glencore, Anglo American and Antofagasta to the fore, bouncing back after a subdued few days.
FTSE 100 (UKX) 7,426.22 0.57%
FTSE 100 - Risers
Sage Group (SGE) 703.50p 3.00%
Old Mutual (OML) 207.80p 2.87%
Diageo (DGE) 2,590.50p 2.15%
Glencore (GLEN) 338.30p 2.13%
3i Group (III) 962.00p 2.12%
Provident Financial (PFG) 1,921.00p 2.07%
GKN (GKN) 321.10p 2.07%
Antofagasta (ANTO) 939.50p 2.01%
easyJet (EZJ) 1,347.00p 1.89%
Micro Focus International (MCRO) 2,201.00p 1.76%
FTSE 100 - Fallers
Admiral Group (ADM) 2,063.00p -5.28%
Direct Line Insurance Group (DLG) 387.40p -2.10%
Severn Trent (SVT) 2,246.00p -1.01%
United Utilities Group (UU.) 909.50p -0.93%
BT Group (BT.A) 293.95p -0.91%
WPP (WPP) 1,591.00p -0.44%
Fresnillo (FRES) 1,495.00p -0.40%
Standard Chartered (STAN) 774.10p -0.36%
Lloyds Banking Group (LLOY) 65.41p -0.27%
Hargreaves Lansdown (HL.) 1,349.00p -0.22%