By Clare Hutchison, MarketWatch
LONDON (MarketWatch) -- British stocks climbed steadily on
Thursday, with insurance companies lifting the market in
mid-morning trading.
The FTSE 100 rose 0.2% to 5,381.9.
The benchmark index fell 2.3% in the previous session as
declining commodity prices drove down mining and resource
stocks.
Insurance providers boosted the FTSE on Thursday. Old Mutual PLC
rallied 8.3% after its management announced that it planned to sell
its Nordic business unit for £2.1 billion ($2.7 billion).
Admiral Group PLC was up 1.2% and Legal & General Group climbed
1%.
Some mining stocks were rebounding. Xstrata PLC rose by 1.8% and
Vedanta Resources PLC gained 1.5%.
General retailers also posted early gains. High Street chain
Next PLC increased by 0.5% and home-improvement retailer Kingfisher
PLC was up 0.7%.
Oil companies were down the most in morning trading. AMEC PLC
dropped 1.6% and Petrofac Ltd. was down 0.9%.
Investment-management firm Hargreaves Lansdown PLC shed 1.6%.
Reports said Citigroup downgraded its rating on the stock from buy
to neutral on Thursday.