The latest market moves
RSA was the top riser among the big players, up 3.84% to 132.6p. Investors welcomed news that RSA has abandoned plans to raise £614m through a rights issue. The insurer had wanted the capital to fund acquisitions, but failed to find any suitable targets.
Elsewhere, car insurer Admiral, the darling of the stock market in recent years, sneaked up 1.5% to 1,142p. The market was buoyed by reports that Admiral is to launch an insurance operation in the US. It will trade under the name Elephant and sell insurance to companies via the telephone and the internet. Meanwhile, JLT, which posted solid figures of growth at the end of July, rose 1.87% to 483.9p.
There weren’t any huge falls in the sector this week, the largest being Novae, which dropped 2% to 330p.