Sector movers: Insurers in demand

9th Nov 2009 13:56

Insurance stocks are going well after a strong performance from German insurer Allianz over the third quarter.Allianz was helped by strong performances from life insurance and asset management and saw operating profit climb by 23%.The best performer in the sector here is Prudential, which may benefit from another piece of news European insurers. France's Axa is to raise €2bn (£1.78bn) to fund the acquisition of Axa Asia Pacific in a partnership with Australia's AMP. Traders say that such a transaction would boost the value of the Prudential's operations in Asia.The Pru is joined higher by Legal & General, Standard Life and Aviva.With stocks generally buoyant, defensive companies such as tobacco firms are left behind. Lucky strike firm British American is in the red, while Embassy maker Imperial is only slightly higher. Top performing sectors so far todayMining 19,584.56 +3.31%Life Insurance 3,898.66 +3.14%Industrial Engineering 3,851.13 +3.00%Industrial Metals 4,461.35 +2.89%Automobiles & Parts 2,688.78 +2.77%Bottom performing sectors so far todayIndustrial Transportation 1,959.73 -2.17%Tobacco 23,669.71 -0.24%Food & Drug Retailers 4,749.35 -0.06%