FTSE 100 Live: Shares close flat, private equity in £1.3bn swoop, Halifax house prices up

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FTSE 100 Live (Evening Standard)
FTSE 100 Live (Evening Standard)

The UK house market continues to show signs of resilience after the lender Halifax reported average prices rose for the second month in a row, up 0.5% in November.

In corporate developments, shares in magazine publisher Future and Warhammer firm Games Workshop have fallen sharply following their updates.

Traders also focused on another private equity takeover deal after KKR revealed a £1.3 billion swoop on Glasgow-based Smart Metering Systems.

FTSE 100 Live Thursday

  • Smart Metering Systems in £1.3bn takeover

  • House prices up for second month in row

  • Games Workshop pays £2k staff bonus, shares fall

FTSE closes flat

Thursday 7 December 2023 16:36 , Daniel O'Boyle

The FTSE 100 finished the day flat at 7,513.72, despite an early fall.

The index was down for most of the morning but rallied in the afternoon.

Hotels giant IHG was the top riser, while Vodafone was the biggest faller

Admiral agrees deal to buy RSA’s More Than insurance business

Thursday 7 December 2023 16:01 , Daniel O'Boyle

Admiral has agreed to buy the More Than personal home and pet cover business from RSA Insurance in a deal worth up to £115 million.

Car insurer Admiral will buy the UK personal insurance operations and More Than brand from RSA for £82.5 million upfront and a further potential £32.5 million depending on how many policies ultimately transfer over.

Around 300 RSA staff will transfer to Admiral as part of the deal, which will see the group take on the renewal rights to about £165 million of annual premiums.

Cardiff-headquartered Admiral said it plans to only retain the More Than brand for pet insurance.

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Square Mile in record year for retrofit planning applications, with more 'green' buildings on the way

Thursday 7 December 2023 15:15 , Daniel O'Boyle

A record number of retrofit planning applications have been approved in the Square Mile in 2023, with a host of landlords looking to make building projects more environmentally-friendly.

The City of London Corporation said there were 17 major retrofit planning applications it approved in the year to date. It added that will amount to tens of thousands of tons of carbon being saved in the City’s built environment sector, which is responsible for around 40% of its total emissions.

The update came as senior officials attend COP28 to share with business and world leaders how it will reach its net-zero goals.

A retrofitting approach aims to promote material reuse and refurbishment of existing properties rather than a major redevelopment or full demolition.

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Market snapshot: FTSE 100 rallies

Thursday 7 December 2023 13:23 , Daniel O'Boyle