Fund managers rush to get back into the insurance sector
Insurance shares rallied again yesterday with Legal & general showing the biggest rise of 22% as fund managers tried to get back into the sector after the Prudential’s good results, the Guardian reported.
It said: “Good results from Prudential and what one major fund manager described as "panic buying" among his peers to get back into the bombed-out sector, pushed bank and insurance firms higher.
Legal & General closed at the top of the FTSE 100 leaderboard, up 6.9p at 38.1p with Prudential up 33.7p at 285.5p following its better-than-expected annual figures and a change of boss.
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