UK Prudentialâ€™sÂ recovery from the share price shock which followed its plans to pay Â£23bn for AaIGâ€™s far eastern business is continuing.
The insurerâ€™s shares are up another 7.5p to 527.5p as it announced it would bring forward a move to list its shares in Hong Kong. It had previously said it would list there in due course, but now hopes to complete the listing before its Â£14bn rights issue, expected in May.
It also said it had hedged against currency movements relating to the conversion of the sterling cash call proceeds into dollars. This weekend the Pruâ€™s chief executive, Tidjane Thiam, said the move into Asia would be good for the UK, and downplayed talk he wanted to sell the Pruâ€™s UK business.
Overall the market has begun brightly. After hitting an 18 month high on Friday, back to pre-Lehman levels, the FTSE 100 is up another 5.15 points to 5604.91. News that the French have pledged support for Greece in its attempts to extricate itself from its financial crisis have helped, while sentiment has also been lifted by suggestions from China that it would keep policy relatively loose to aid economic growth. Owen Ireland at ODL Securities said:
A lack of economic data means that we are set to see some positive follow through from Fridays non-farm payroll figures. Last weekâ€™s rally appears to have been justified, with better than expected numbers emanating from the US. As we know, confidence plays a large part in determining direction, so the bulls appear to be in the ascendency at the moment.
Banks and miners are among the main risers, with Royal Bank of Scotland rallying 0.75p to 40.74p, while Rio Tinto is up 48p to Â£37.49, helped by the Chinese comments.