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FTSE 100 led higher by Admiral Group FTSE 100 led higher by Admiral Group
(about 5 hours later)
(Noon): The FTSE 100 edged higher, with shares in insurance group Admiral leading the way after its full-year results beat expectations. (Close): The FTSE 100 reversed its earlier gains by closing down 17 points, or 0.27%, at 6,130.46.
The FTSE 100 index was up 13.13 points at 6,160.19 shortly after midday. Shares in Admiral Group, the insurer, were the biggest risers after the company reported better than expected annual results.
Shares in Admiral Group rose more than 7% after it reported a 6% rise in profits to £377m for 2015. They closed up 9%, or 159 points, to end the day at 1919p.
The results at Admiral - which also owns the Confused.com price comparison website - were helped by an 11% rise in profits from car insurance. The company - which also owns the Confused.com price comparison website - were helped by an 11% rise in profits from car insurance.
Mining stocks were also supporting the FTSE after copper prices hit a three-month high. Shares in Glencore rose 6.9%, while Anglo American climbed 5.3%. Mining stocks also boosted the FTSE. Shares in Glencore rose 5.6%, while Anglo American climbed 1.49%.
On the FTSE 250, shares in temporary power provider Aggreko jumped 11% after it said plans to make £80m of savings were on schedule. But shares in Whitbread fell 6.15% after the firm said sales growth had slowed at its Costa coffee chain.
Shares in Whitbread fell 4.6% after the firm said sales growth had slowed at its Costa coffee chain.
Like-for-like sales at Costa rose by just 0.5% in the 11 weeks to 11 February, which Whitbread blamed partly on the "unusually warm winter".Like-for-like sales at Costa rose by just 0.5% in the 11 weeks to 11 February, which Whitbread blamed partly on the "unusually warm winter".
On the currency markets, the pound slipped 0.1% against the dollar to $1.4063, and fell 0.3% against the euro to €1.2921. Contrasting house price reports from the Nationwide Building Society and Halifax did nothing to calm worries about the sector.
House builder Persimmon saw its shares fall 6.8% to 1998p.
The pound was up 0.5% against the dollar to $1.4151 and fell 0.2% against the euro to €1.2925.
News of weak growth in the UK's services sector weighed on the pound, with a survey registering the slowest rate of growth in the sector for nearly three years.News of weak growth in the UK's services sector weighed on the pound, with a survey registering the slowest rate of growth in the sector for nearly three years.