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FTSE 100 falls, with Standard Life lower after results FTSE 100 falls, with Standard Life lower after results
(about 4 hours later)
(Open): The FTSE 100 fell, with shares in Standard Life lower after it said its annuities business had suffered from recent pension reforms. (Noon): The FTSE 100 fell, with shares in Standard Life lower after it said its annuities business had suffered from recent pension reforms.
Standard Life was down nearly 3%, despite the insurer reporting a 6% rise in half-year operating profit to £290m. Standard Life said it new business from annuity sales was expected to fall by £10m-£15m this year.
The FTSE 100 index was down 32.83 points at 6,655.79. Shares in Standard Life were down nearly 3%, despite the insurer reporting a 6% rise in half-year operating profit to £290m.
Shares in Smiths Group jumped 6% after the Financial Times said US activist hedge fund ValueAct had taken a stake in the engineering firm. The FTSE 100 index was down 9.69 points at 6,678.93.
Meggitt was another company on the up, with its shares rising nearly 5% after the engineering components firm said it was on track to meet its full-year forecasts. Travis Perkins was the biggest faller on the index, down 3.7%, despite the building and DIY group reporting a 9% rise in half-year operating profits to £182m.
Royal Bank of Scotland shares showed little reaction to the news that the government had begun to sell its stake in the bank. Shares in Smiths Group jumped 5.8% after the Financial Times said US activist hedge fund ValueAct had taken a stake in the engineering firm.
The government said it had sold a 5.4% stake in the bank at 330p each, raising £2.1bn. RBS shares dipped 2p, or 0.6%, to 335.6p. Meggitt was another company on the up, with its shares rising 5.3% after the engineering components firm said it was on track to meet its full-year forecasts.
On the currency markets, the pound rose 0.1% against the dollar to $1.5602, and was flat against the euro at €1.4233. Royal Bank of Scotland shares showed little reaction to the news that the government had begun to sell shares in the bank.
The government said it had sold a 5.4% stake in the bank at 330p each, raising £2.1bn. RBS shares dipped 2.2p, or 0.7%, to 335.4p.
In the FTSE 250, shares in Just Eat fell 2.7%, despite the online takeaway food service reporting another bumper rise in sales and profits.
In the first half of the year, revenues jumped by more than 50% to £107.8m, with net profits up 57% to £9.4m.
On the currency markets, the pound rose 0.1% against the dollar to $1.5599, but fell 0.1% against the euro to €1.4211.