FTSE falls despite rally after Bank’s dovish rate update - London Report

BRITAIN’S top share index slipped yesterday, weighed down by weakness in miners and insurer RSA, though it briefly rallied off lows after a broadly dovish update from the Bank of England.

The FTSE 100 index ended down 5.32 points, or 0.1 per cent lower at 6,747.09 points, turning slightly lower after a negative open on Wall Street.

RSA fell 2.7 per cent despite its pre-tax profit beating expectations. Swiss rival Zurich Insurance, which is interested in bidding for RSA, said it would not overpay for the British insurer.

Top riser was Inmarsat, up 6.7 per cent after it said the satellite needed to complete its new Global Xpress network would launch at the end of this month after its rocket partner quickly recovered from a failure in May which upset schedules.

Housebuilder Taylor Wimpey rose 2.3 per cent, making it one of the best-performers on the FTSE 100 and taking it to a new eight-year high. Barratt Developments rose 1.6 per cent, also hitting its highest level since 2007.