Market Report: The car insurance price war could be over
Saturday 18 January 2014
Investors drove into insurer Admiral yesterday as signs emerged the car insurance price war could be over.
Data from Confused.com and research firm Towers Watson found the drop in prices is easing so competitive pressures could be reduced. Traders were mobilised on the news and shares in Admiral rose 81p to 1,407p – top of the table. It led the pack of non-life insurers yesterday with RSA Insurance ahead 0.8p to 103p, FTSE 250-listed eSure 16.4p up at 284.5p and Direct Line rising 11.2p to 266.6p.
The market remained flat for much of the day but was held back by a profit warning from Shell (down 26.5p to 2,279.5p). The FTSE 100 managed to cling on to gains and advanced 13.88 points to 6,829.3.
The worst performer was bookie William Hill, which was hit by football results that did not go its way last week. It fell 12.6p to 360.1p.
RBS wasn't much better. Investec rated it a sell and argued that after a "19 per cent one-month spike" it was a good time to short the bank, saying it was unattractive because of its "painfully slow recovery in earnings and returns". It lost 7.8p to 363.7p.
The planned deal between Vodafone and cloud-computing firm Outsourcery has been finalised. It will allow Vodafone to resell Outsourcery's Microsoft-based cloud services to its global network. Vodafone rang up a 2.8p rise to 240p and Aim-listed Outsourcery picked up 2p to 120p.
FTSE 250 grocer Ocado fell 18.5p to 505p after Deutsche Bank analysts issued a sell note, warning of the growing issue of price competition and questioned whether its deal with Morrisons could be successfully replicated.
Electrical engineer Spectris said comparable sales for the fourth quarter were up 3 per cent, but it fell 69p to 2,413p after it warned about currency fluctuations. Fibre optic infrastructure specialist City Fibre advanced 5.5p to 65.5p on Aim debut.
US-focused Nostra Terra Oil & Gas confirmed new wells at its Chisholm Trail prospect in Oklahoma, edging 0.02p up to 0.285p. Leni Gas & Oil won approval from Trinidad to drill 30 wells at the Goudron Field and it jumped 0.105p to 0.86p.
- 1 BBC election debate: The one photo that summed up the whole 90-minute leaders debate
- 2 18th century sex toy found in 'toilet of sword fighting school' in Poland
- 3 'I wish my teacher knew...': Young students share their 'heartbreaking' worries in notes
- 4 Rebecca Francis accuses Ricky Gervais of using 'influence' to target female hunters after receiving barrage of death threats
- 5 Australian student Tommy Connolly, 23, adopts his pregnant, homeless 17-year-old cousin to give her a chance at 'a better life'
General Election 2015: David Cameron catching up in polls – but he badly needs a clear lead
South Africa xenophobic attacks: Shops looted and violence on streets of Johannesburg as foreigners are forced to hide in police stations
Earthworms rain down from skies over Norway, puzzling scientists
18th century sex toy found in 'toilet of sword fighting school' in Poland
'I wish my teacher knew...': Young students share their 'heartbreaking' worries in notes
The only black face in the Ukip manifesto is on the page about overseas aid
Ukip is the only main political party to not address LGBT rights in its manifesto
If I’m being racially abused I don’t need a stranger with a saviour complex to rescue me
BBC election debate: The one photo that summed up the whole 90-minute leaders debate
Religion isn't growing, it is becoming vigorous in its demise, says philosopher AC Grayling
General Election 2015: Polish prince challenges Nigel Farage to a duel over immigration question
iJobs Money & Business
£20000 - £25000 per annum + OTE £45,000: SThree: SThree Group have been well e...
£50000 - £667000 per annum + excellent benefits : Ashdown Group: IT Manager / ...
£13000 - £20000 per annum: Recruitment Genius: Scotland's leading life insuran...
£40000 - £45000 per annum + benefits : Ashdown Group: Training Programme Manag...