Sector movers: Non-life insurers sent lower by Hastings
Metals and mining led the way again on Thursday, as Evraz bounced back from recent falls, while non-life insurers were sent lower.
The Russian steelmaker's first-quarter trading update was not outstanding by any means but helped the shares continue a rally that began a day earlier after they had fallen around 19% since economic sanctions were imposed on several Russian oligarchs earlier in the month.
First quarter total crude steel production of 3.36m tonnes was down 5.5% on the fourth quarter of 2017 and 8.7% lower than the first. The second quarter however, is expected to see crude steel output rise slightly on the first.
Car insurer Hastings slumped as first-quarter growth in gross written premiums slowed and bad weather pushed up claims costs. In the quarter to the end of March 2018, gross written premiums were up 5% to £226m, while live customer policies rose 10% on the year to 2.67m and the company's market share of UK private car insurance rose to 7.4% from 6.7% as at 31 March 2017. Net revenue increased 12% in the three months to £184.5m.
Reading across, investors sent shares in Admiral, Direct Line and Esure all lower.
Top performing sectors so far today
Industrial Metals & Mining 4,441.05 +5.37%
Fixed Line Telecommunications 2,830.52 +2.62%
Gas, Water & Multiutilities 4,917.08 +2.53%
Oil Equipment, Services & Distribution 12,748.76 +2.22%
Electricity 8,012.24 +1.79%
Bottom performing sectors so far today
Forestry & Paper 21,628.89 -0.79%
Insurance (non-life) 3,219.70 -0.53%
Banks 4,385.88 -0.38%
Mining 18,295.45 -0.33%
Life Insurance 8,915.72 -0.25%