FTSE closes down on poor day for insurers

The index of the UK's 100 leading shares has closed down on the day, with major insurers the biggest drag on markets.

The index closed at 5,703.37, down 23.84 points or 0.42%, although it made a slight recovery in the final hour of trading. Old Mutual finished 4.75% down at 138.3p after news HSBC would not be buying a controlling stake in South African bank Nedbank, which it owns. The firm was also hit by a downgrade of the insurance sector by Citigroup, which dragged RSA Insurance down by 3.23% to 131.8p and Standard Life down 3.24% to 227p. However, RBS and Barclays closed 2.43% and 1.8% up respectively, providing a recovery from yesterday's falls, while BT Group ended up 2.93% at 147.4p after ...