UK’s FTSE 100 opened higher on Wednesday buoyed by insurers’ stocks, with Prudential rising after it reported strong half-year profit, while Direct Line gained on appointing a new CEO as the firm looks to reset after a tough 2022.
The benchmark FTSE 100 index was up 0.3% in early trade, while the mid-cap FTSE 250 index gained 0.2%.
Life insurance stocks rose 1.6% leading sectoral gains.
London-listed shares of Prudential surged 2.6%, after the Asia-focused insurer posted a 3.6% rise in first-half operating profit. The stock was the biggest gainer on the benchmark index.
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Non-life insurers climbed 0.6%, cheered by a 1.0% rise in Direct Line Insurance Group after the British motor and home insurer named Adam Winslow, a senior executive at Aviva, as its new CEO.
Britain on Tuesday scrapped a rule inherited from the European Union that limited where investors could trade shares, as part of wider moves to bolster London’s reputation as an open and competitive global financial centre.
Investment banking and brokerage services sector rose 0.3%.
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