Sector movers: Construction sector finds a bid, insurers off

17th Aug 2016 13:49

(ShareCast News) - Insurance stocks dragged on the London equity market after Admiral reported a drop in its so-called Solvency II coverage ratio at the half-year stage from 206% to 180%, courtesy of a large drop in interest rates which in turn boosted its liabilities, particularly in the case of its unstated PPO exposures, ShoreCap's Eamonn Flanagan said in a research report sent to clients."That does question the wisdom of Admiral's return of capital strategy," he added."We also wait to see what Brexit brings the group in respect of its Gibraltar domicile and the passporting rules for its European operations."Miners were also under the cosh as investors booked profits following the previous session's sharp gains.Acting as a backdrop, commodities moved lower in the wake of recent somewhat hawkish remarks from several US rate-setters and ahead of the release of the minutes of that central bank's last policy meeting.Three-month LME-traded copper futures dipped 0.2% to $4,787.00 per metric tonne by the close of trading.Heading the other way were construction stocks, led by Balfour Beatty after the company reinstated its dividend and reported a smaller loss for the half year ended 1 July.Ibstock and Polypipe fell on profit-taking, despite a positive endorsement for the latter from the FT's Lex column.CRH topped the FTSE 100 risers throughout a good part of the session, amid speculation it might be included in the Eurostoxx.Broadband provider BT Group was up as chief executive Gavin Patterson wrote to rivals, including Vodafone, saying their 'Fix Britain's Internet' campaign was misleading consumers amid calls from MPs to break up BT and Openreach.That appeared to be the main reason behind the boost to Fixed Line Communications.Top performing sectors so far todayConstruction & Materials 6,137.63 +0.81%Fixed Line Telecommunications 4,514.14 +0.67%Beverages 17,331.88 +0.10%Equity Investment Instruments 8,166.26 +0.08%Alternative Energy 0.00 0.00%Bottom performing sectors so far todayInsurance (non-life) 2,685.78 -1.92%Mining 12,017.11 -1.79%Health Care Equipment & Services 7,912.10 -1.41%Industrial Engineering 9,497.76 -1.18%Life Insurance 6,987.16 -1.06%