Trade Stocks With Hargreaves Lansdown From £5.95 Per Deal

iNVEZZ.com, Friday, March 28: The FTSE 100 index has edged higher today, propped up by gains in mining stocks which have helped offset a slump in London-listed insurers following news of fresh regulatory pressure on the sector.

Miners boosted by China stimulus hopes

As of 12:32 UTC, Britain’s blue-chip index had added 7.63 points to be 0.12 percent up at 6,595.95 with the basic resources sector leading the gains. While mining stocks have had a mixed week amid fluctuating commodity prices and talks of Chinese monetary stimulus, the sector has recovered today after China’s Premier Li Keqiang said that the government was ready to support the country’s slowing economy.

Lex van Dam, hedge fund manager at Hampstead Capital, told Reuters that “the current belief that China is not going to let the economy fall too much should be supportive for the FTSE, and especially for the miners which on a relative basis have become attractive to some investors”.

Anglo American (LON:AAL) and Glencore Xstrata (LON:GLEN) have posted the biggest gains in the sector so far today. Anglo American’s share price has added 1.92 percent to 1,515.50p, while Glencore’s shares are currently trading 2.05 percent higher at 313.40p.

Among the FTSE 100 risers has also been artificial hips and knees manufacturer Smith Nephew (LON:SN) whose shares surged after analysts at Investec upgraded the company to a ‘buy’ and suggested that it could be profitably broken up.

“We upgrade to buy and increase our target price to 1100p,” Investec’s Nicholas Keher said, as quoted by the Guardian. “Moreover, we believe even more value could be created by breaking up the group into three separate entities.”

Smith Nephew’s share price is currently 2.46 percent up at 922.11p.

Insurers slump

Today’s gains in the Footsie have been curbed by insurers after news emerged that the UK Financial Conduct Authority was planning an investigation into whether people sold pensions and savings plans in the past had been treated fairly compared to new customers.

Resolution (LON:RSL) and Aviva (LON:AV) have posted the heftiest losses. Resolution’s share price has plunged 13.82 percent to 274.90p and shares in Aviva are currently trading 7.38 percent lower at 447.80p.

“Should investors be allowed to exit policies and look for a better deal, the sector may be punished with large out-flows of money from some zombie funds,” Mike van Dulken, head of research at Accendo Markets, told Reuters.

London-listed insurers came under pressure earlier this month after the UK government dropped the requirement for pension savers to buy an annuity at retirement. (Standard Life’s share price tumbles on Osborne’s annuity shake-up)

The FTSE 100 was 0.14 percent up at 6,597.73 points as of 13:19 UTC on March 28, 2014.

Trade Stocks With Hargreaves Lansdown From £5.95 Per Deal

Prices can go up and down meaning you can get back less than you invest. This is not advice. Dealing services provided by Hargreaves Lansdown.