Insurance shares on the London stock market ended sharply lower yesterday after fresh fears over war sparked a sector downturn.
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Insurance shares on the London stock market ended sharply lower yesterday after fresh fears over war sparked a sector downturn.
Fresh UN warnings over a war with Iraq, coupled with Prudential's warning that it would cut its dividend, prompted a flurry of stock market activity in the sector.
Andrew Bell, European strategist at Carr Sheppards Crosthwaite told The Scotsman : "It's touching a raw nerve in the market, given that we're in a one or two week lead-up to a cresting of the Iraq crisis."
Insurers clogged the list of FTSE fallers, with Royal & Sun Alliance falling 9.73% to 61.2p, prompted by a debt downgrade from credit rating agency Fitch.
Legal & General down 11% to 66p, and Aviva off by 5.4% to 383.5p.
