European-based insurers are leading a surge on the stock markets as the FTSE 100 climbed 3%.
After a week where insurers' stocks have plummeted, Axa and Aegon have recorded increases of 6.4% and 5. ...
European-based insurers are leading a surge on the stock markets as the FTSE 100 climbed 3%.
After a week where insurers' stocks have plummeted, Axa and Aegon have recorded increases of 6.4% and 5.8% respectively.
Other embattled insurers clawed back some of their losses as the value of their equity investments tracked markets higher.
Elsewhere in financial services, beaten-down life assurers added a further four points, recovering from a recent thrashing amid fears about the sector's solvency.
Aviva AV.L and Friends Provident FP.L both shot up more than six percent to stand at 397-1/2 pence and 112-3/4 pence respectively.
However global strategist at investment bank ABN Amro Chris Johns said: "We've seen several sharp rallies on short-covering like this one on Wall Street several times recently, by choice I would call them bear-market bounces. They have faded quickly and slowly but they have all faded."
At 2.15pm BST today the FTSE 100 stood at 3850.00, up 52.6 points. A hefty 1.3 billion shares changed hands, but some market players were treating the gains with caution, noting the increased activity was due more to hedge funds and derivatives dealers than long-term investors such as fund managers.
