FTSE 100 movers: Admiral rallies on results; TUI drops again
London's FTSE 100 was down 1.5% at 7,144.15 in afternoon trade on Wednesday, with investors in risk-off mode as inverted yield curves in the US and UK sparked recession fears.
Tour operator TUI was under the cosh again following its third-quarter results on Tuesday.
Going the other way, insurer Admiral rallied as it said interim pre-tax profits rose 4% to £218.2m as its UK household insurance business swung to a £4.2m profit from a £1.9m loss last year.
Ian Forrest, investment research analyst at The Share Centre, said: "The chief executive may have described the results as 'a bit dull', but the market clearly found them quite exciting.
"That may be due to the company reassuring the market it has prepared for all Brexit scenarios, including no deal, although it admits a drop in sterling would increase the cost of claims for its car insurance business. The company said it had deliberately not been as competitive in the UK car insurance market and suffered a £33mn hit caused by the government’s change in the Ogden rate, which determines how much companies need to put aside to cover injury claims."
Fellow insurer Direct Line was also in the green.
FTSE 100 - Risers
Admiral Group (ADM) 2,129.00p 4.77%
Direct Line Insurance Group (DLG) 294.80p 0.75%
Unilever (ULVR) 4,942.50p 0.72%
Severn Trent (SVT) 1,974.00p 0.69%
Fresnillo (FRES) 684.60p 0.35%
National Grid (NG.) 838.00p 0.11%
Aveva Group (AVV) 3,804.00p 0.05%
Reckitt Benckiser Group (RB.) 6,129.00p 0.02%
United Utilities Group (UU.) 765.20p 0.00%
Tesco (TSCO) 214.10p 0.00%
FTSE 100 - Fallers
Hargreaves Lansdown (HL.) 1,868.50p -4.42%
Melrose Industries (MRO) 165.30p -4.40%
International Consolidated Airlines Group SA (CDI) (IAG) 426.30p -4.07%
Evraz (EVR) 534.20p -3.99%
TUI AG Reg Shs (DI) (TUI) 778.00p -3.97%
NMC Health (NMC) 1,822.00p -3.80%
Anglo American (AAL) 1,798.20p -3.53%
Smith (DS) (SMDS) 321.40p -3.48%
Mondi (MNDI) 1,570.75p -3.46%
Johnson Matthey (JMAT) 2,801.00p -3.41%