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RSA shares hold back FTSE 100 index | RSA shares hold back FTSE 100 index |
(about 3 hours later) | |
(Noon): Shares in the insurer RSA held back gains on the FTSE 100, after Swiss rival Zurich abandoned its bid plans. | |
RSA shares were down more than 20% by lunchtime, making it easily the biggest loser. | |
Overall the FTSE 100 share index was 0.51% higher, or 31.31 points, at 6,135.42. | |
Shares in the satellite firm Inmarsat were among the best performers after it announced a deal with Deutsche Telekom to bring passengers in-flight internet. | |
Deutsche Telekom will supply the 4G, while Inmarsat will supply the satellite access. | |
Meanwhile, the fashion retailer French Connection saw its shares slump more than 8% after earnings showed it had fallen deeper into the red. The company reported a loss for the first half of the year of £7.9m, compared with a £3.9m loss in the same period last year. | |
The chairman Stephen Marks describing it as "a tough trading period". | |
On the currency markets, the pound was little changed against the dollar to $1.5532, and was up 0.22% against the euro at €1.3771. |