The latest ups and downs on the stock market
Lloyd’s listed insurers had a rollercoaster week, as the markets absorbed interim management statements and cat loss estimates, plus fears about the impact of European debt woes.
A case in point is Chaucer, which started last week at 46.25p, fell 6.5% to close at 43.25p on Friday, but then rebounded on Monday to close at 46p. Chaucer’s first-quarter interim management statement impressed analysts to a point. KBC Peel Hunt praised the company for its underwriting discipline, noting its 3% reduction in GWP, despite achieving average rate increases of 3% in the quarter. The firm also found comfort in the fact that its loss estimates for the Chilean earthquake and Deepwater Horizon oil rig disaster were consistent with previous estimates.
But Execution Noble said Chaucer’s losses, at 15% of net tangible assets, were among the highest in the sector, and warned that they would “significantly reduce earnings momentum in 2010”.
Hiscox’s share price movement over the week followed a similar pattern, but Catlin failed to recover from its end-of-week slump. Having fallen to 327p on Friday, stock fell to 325.8p on Monday. Jardine Lloyd Thompson’s stock seems to have shrugged off the effects of the Aon takeover talk, and is almost back to where it was before the rumours began.
Market indices Movers price 7-day Currency
FTSE 100 5069.61 Hiscox 341.2 +0.006% Dollar 1.44
FTSE 250 9477.57 Catlin 325.8 -1.42% Euro 1.15
FTSE All-share 2615.84 JLT 560 -1.84% Yen 130.27