FTSE 100 movers: M&G, Beazley in the black

(Sharecast News) - London's FTSE 100 was up 0.6% at 8,771.21 in afternoon trade on Friday. M&G surged to the top of the index after it was announced that Japan's Dai-ichi Life will take a stake in the investment manager after the two firms agreed a long-term strategic partnership.

Under the terms of the deal, the blue chip will become Dai-chi's preferred asset management partner in Europe, while the mutual insurer will acquire a shareholding of around 15% in M&G.

The partnership is expected to generate at least $6bn in new business flows into funds managed by M&G over the next five years, the British firm said.

Beazley was also in the black after a re-initiation at 'buy' by Berenberg, with a 1,150p price target.

Berenberg said that Beazley - its top pick across the London market - can surprise to the upside on cyber insurance.

"Pricing in cyber has been declining for the past two years, being now down 16% since the peak of summer 2022, but still over 70% higher than four years ago," it said.

"We believe that cyber is approaching an inflection point in terms of pricing, driven by market growth, evolving risks and underwriting discipline, while the global market could double in size during the next five years.

"Beazley, as a well and long-established primary carrier in cyber, should be a net beneficiary from this development."



FTSE 100 - Risers

M&G (MNG) 238.70p 6.33% BT Group (BT.A) 178.60p 2.56% Glencore (GLEN) 284.95p 2.37% GSK (GSK) 1,490.00p 2.34% Unite Group (UTG) 858.50p 2.26% Severn Trent (SVT) 2,714.00p 2.03% Whitbread (WTB) 2,898.00p 1.97% Beazley (BEZ) 947.50p 1.77% SSE (SSE) 1,773.50p 1.75% Tesco (TSCO) 389.30p 1.70%

FTSE 100 - Fallers

International Consolidated Airlines Group SA (CDI) (IAG) 325.80p -2.10% Compass Group (CPG) 2,609.00p -1.51% CRH (CDI) (CRH) 6,726.00p -1.32% Auto Trader Group (AUTO) 789.20p -1.20% Scottish Mortgage Inv Trust (SMT) 985.60p -0.88% SEGRO (SGRO) 695.20p -0.83% Kingfisher (KGF) 277.00p -0.79% Entain (ENT) 749.20p -0.66% Bunzl (BNZL) 2,368.00p -0.59% InterContinental Hotels Group (IHG) 8,552.00p -0.56%