Insurers help FTSE hit 42-month high
Gains by insurers helped the FTSE 100 Index extend its recent rally to hit a fresh three-and-a-half year high today.
Insurance and banking company Old Mutual featured among the highest blue-chip risers after beating expectations for earnings, while Aviva and Royal & Sun Alliance also made progress on the eve of their results.
They contributed to the Footsie closing 13.8 points higher at 5377.5 after a key Bank of England report failed to cause any shocks in the London market.
Analysts took the Bank's quarterly inflation report in their stride as guidance for lower growth in 2005 and rising inflation was expected.
Solid gains by New York's Dow Jones Industrial Average also helped lift shares.
The highest Footsie risers today were Man Group up 61p to 1687p, Kingfisher adding 8.25p to 254p, Hilton up 9.5p to 307.25p and Schroders rising 25.5p to 886.5p.
The heaviest fallers were Lloyds TSB down 8.75p to 474p, Reuters off 4p to 366p, Emap down 8.5p to 835p and Smith & Nephew losing 5p to 520p.
