Sector movers: L&G casts cloud over insurers

4th Aug 2009 12:54

Life Insurance is worst of the bunch after Legal & General reported after a 92% plunge in operating profit and a 45% cut in the dividend. European embedded value (EEV) operating profit rose 12% to £657m for the six months to 30 June, up from £589m a year ago, but it slumped to £31m from £391m on an IFRS basis. The numbers weighed on peers Aviva, Prudential and Friends Provident.Automobiles & Parts is top of the table thanks to a smaller than expected loss at engineer GKN. The car parts firm lost £16m in the half year to June in the half year to June.There are also gains for Industrial Engineering, helped by figures from pump and valve maker Weir Group, which upped interim profit by 12%.That prompted broker KBC Peel Hunt to keep its 'buy' rating on the shares and lift its price target to 690p from 550p.Top performing sectors so far todayAutomobiles & Parts 2,564.86 +4.28%Industrial Engineering 2,971.18 +1.76%Tobacco 22,225.34 +1.19%Real Estate 1,739.26 +1.00%Gas, Water & Multiutilities 3,454.56 +0.78%Bottom performing sectors so far todayLife Insurance 3,107.26 -3.17%Mining 16,453.53 -2.94%Health Care Equipment & Services 2,562.43 -1.63%Banks 4,554.31 -1.54%Insurance (non-life) 1,205.54 -1.52%