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(Sharecast News) - London's FTSE 100 was flat at 10,833.53 in afternoon trade on Monday.
Standard Life jumped to the top of the index as it posted a stronger‑than‑expected 25% jump in first‑half profit, lifted by solid new business flows and buoyant demand in the pension‑risk transfer market.
Adjusted operating profit before tax came in at £563m for the six months to 30 June, ahead of the £541m forecast in a company-compiled consensus. The company also reiterated full‑year guidance.
Admiral was in the black as Morgan Stanley upgraded the insurer to 'overweight' from 'underweight' as it said recent share price weakness provides a more attractive entry point, while the valuation remains below historical averages and leaves room for further re-rating given the improving backdrop.
The bank, which upped its price target on Admiral to 4,450p from 3,575p, said UK motor is now one of the more attractive pricing pockets in European insurance as other areas remain under pressure.
Morgan Stanley noted that motor insurance CPI had accelerated 8% growth year-on-year, while other pricing measures are beginning to follow. It said Admiral is the best way to play this theme with 90% of its business exposed to UK motor.
Oil giants BP and Shell also rose, in tandem with oil prices, as the US and Iran continued to exchange strikes.
On the downside, drinks maker Diageo was the worst performer on the index.
FTSE 100 - Risers
Standard Life (SDLF) 957.50p 2.90%
Admiral Group (ADM) 3,896.00p 2.15%
Diploma (DPLM) 7,260.00p 2.11%
BP (BP.) 551.10p 2.09%
Shell (SHEL) 3,499.00p 1.89%
Halma (HLMA) 3,666.00p 1.55%
Marks & Spencer Group (MKS) 392.30p 1.29%
IMI (IMI) 3,076.00p 1.25%
Sainsbury (J) (SBRY) 344.90p 1.20%
Smiths Group (SMIN) 2,595.00p 1.17%
FTSE 100 - Fallers
Diageo (DGE) 1,633.00p -2.22%
The Sage Group (SGE) 1,031.50p -2.04%
Entain (ENT) 516.20p -2.01%
Fresnillo (FRES) 3,076.00p -1.91%
Relx plc (REL) 2,571.00p -1.68%
Kingfisher (KGF) 303.10p -1.43%
Pearson (PSON) 1,164.50p -1.15%
Haleon (HLN) 349.10p -1.13%
Whitbread (WTB) 2,354.00p -1.05%
St James's Place (STJ) 1,146.00p -1.03%
