Analysts gave Highway Insurance a fillip this week at the expense of City darling Admiral Group. Motor insurers are about to enter a major price war (if they haven't already) as Peter Wood's esure announced it was ready to spend millions of pounds on launching yet more Michael Winner-esque adverts to target the mass market internet surfers.
Admiral's share price is rolling like a ferry-load of Sun readers on a Calais booze cruise, leading Shore Capital this week to advise its clients to sell as it thinks Admiral is most exposed to esure's threat. It also thought the price was too high and suggested Highway at 39.25p was the better option.
Motor insurance is an over-exposed battleground with the major composites vying with the Lloyd's niche players. Profit is what all these companies need and the pressure is on.
Shore has not factored in Neil Utley's new Cox, where shares have been trading rapidly over the past few days.
Let's hope Admiral can find at least a B-list celebrity to front its new campaign to thwart the cross-dressing Winner's C-list appeal.
