Sector movers: Banks and financials lead charge
Hopes of a huge cut in US interest rates this afternoon and no further casualties among the US investment banks have given the banks and general financial sectors a boost.
Banks are leading the rally after their beating Monday, with HSBC, Barclays and RBS. General financials ICAP and Man Group are also posting good gains.
Life insurers rose despite Legal & General seeing profits fall a bigger than expected 26% in 2007 following a £269m pre-tax charge to account for longer UK life expectancies. Worldwide operating profit on a European Embedded Value (EEV) basis fell to £912m from £1.23bn in 2006.
Top performing sectors so far today
Banks 7,405.20 +4.96%
Forestry & Paper 4,246.60 +4.71%
Automobiles & Parts 4,280.40 +3.93%
Life Insurance 4,619.00 +3.66%
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General Financial 6,377.70 +3.35%
Bottom performing sectors so far today
Industrial Metals 8,058.70 -0.76%
Aeronautics and Defence NULL 0.00%
Alternative Investment Instruments NULL 0.00%
Automotive and Parts NULL 0.00%
Banking NULL 0.00%
