Sector movers: Aviva weighs on insurance

22nd Oct 2009 13:21

Aviva is weighing on the insurance sector after announcing that it is restructuring its European operations, turning its 12 separate continental businesses into a single pan-European unit.While the market is unimpressed, broker Panmure Gordon said the decision would give Aviva additional muscle in Europe, where 'the potential market is huge and the demographics are attractive.'Sector peers Old Mutual and Prudential are posting bigger losses than Aviva.Talvivaara Mining is lifting the industrial metals sector higher after the nickel and zinc producer said its upgraded crushing circuit has been successfully installed and commissioned.Top performing sectors so far todayMobile Telecommunications 3,174.34 +2.50%Fixed Line Telecommunications 1,982.92 +0.83%Industrial Metals 4,610.15 +0.69%Forestry & Paper 3,692.42 +0.09%Bottom performing sectors so far todayAutomobiles & Parts 2,749.57 -3.13%Life Insurance 3,982.26 -2.81%Industrial Engineering 3,690.79 -2.04%Industrial Transportation 1,971.54 -1.97%Banks 5,005.49 -1.95%