FTSE 100 OPEN: Ex-divi day sees insurers down early on

RSA Insurance and Prudential were among the biggest fallers in early trading after going ex-dividend.

The pair weren’t helped by news that insurance and reinsurance market Lloyd’s of London had reported a £516m loss.

RSA saw its share price drop 4.7% to 110.4p (at 0811 BST), as Lloyd’s chief Richard Ward claimed that insurance rates had not risen as a result of the “exceptional level of catastrophes” in 2011.

Prudential saw its share price slip 2.6% lower to 776.5p.

Schroders, which also went ex-dividend, saw both share classes fall early on. The asset manager’s normal share class dropped 2.2% to 1,253p, while its non-voting share class decreased by 2% to 1,609p.

Engineer GKN also saw its share price drop 2% to 207.4p, completing the bottom five fallers.

The biggest riser was catering services company Compasss Group, which increased by 0.8% to 656p (at 0810 BST).

Bank Standard Chartered, insurer Standard Life and listed hedge fund Man Group all rose by 0.7% to 1,620p, 233.3p and 136.1p, respectively. Completing the top five risers was HSBC, which rose 0.6% to 567.7p.