Good results from Legal and General help to boost FTSE - London Report

BRITAIN’S top share index rose yesterday, boosted by better- than-expected results from Legal & General and London Stock Exchange Group, and by a rebound in the mining sector.

The FTSE 100 closed up one per cent at 6,752.41 points, about five per cent below a record high of 7,122.74 points reached in April.

Insurer Legal & General advanced 2.8 per cent after topping forecasts with an 18 per cent jump in operating profit, helped by a strong performance in the bulk annuity market.

London Stock Exchange Group also gained 1.6 per cent after beating expectations as profit after tax rose 21 per cent.

Some earnings reports were more mixed, however. Standard Chartered ended up 0.2 per cent in a volatile session, lower than before it released results in mid-morning trade. The Asia-focused bank fell sharply before rising as much as 6.5 per cent as investors digested the update.

Building materials group Travis Perkins dropped 2.6 per cent after Citi downgraded the firm to “neutral” from “buy”.