Insurance stocks enjoyed a dramatic rebound on stockmarkets this morning following shocking losses yesterday.
Zurich Financial Services's London listing lost a massive 19% on Wednesday, closing at 5,000p.
But by mid-morning today it had regained its lost ground, rising 20% to trade at 5,750p.
The effect of a late rally on Wall Street gave the sector a much-needed boost, amid reports of strong buying from investors and institutions snapping up cut-price bargains.
Allianz was up 15%, Axa was up 14% in Paris and Aviva was up 9.9%. All had suffered particularly badly yesterday.
Royal & SunAlliance was relatively sluggish, gaining 6% having lost 10% each of the last two days.
Most of the wild swings of the last week have been suffered by the large multinational insurers.
Many niche operators and quoted Lloyd's insurers by contrast have enjoyed relative stability.
