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Pin to quick picksDirect Line Share News (DLG)

Share Price Information for Direct Line (DLG)

London Stock Exchange
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Share Price: 198.30
Bid: 197.80
Ask: 198.30
Change: 1.70 (0.86%)
Spread: 0.50 (0.253%)
Open: 201.00
High: 201.00
Low: 195.00
Prev. Close: 196.60
DLG Live PriceLast checked at -

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London close: Stocks mixed as UK economy returns to growth

Wed, 13th Mar 2024 15:00

(Sharecast News) - London markets finished with a mixed performance on Wednesday, following a surge on Tuesday, with investors buoyed by news of the UK economy's return to growth in January.

The FTSE 100 index edged up 0.31% to close at 7,772.17 points, while the FTSE 250 slipped 0.01% to settle at 19,563.92 points.

In currency markets, sterling was last up 0.04% on the dollar to trade at $1.2798, while it dipped 0.17% against the euro, changing hands at €1.1688.

"The rebound in Chinese markets is catching the attention this side of the globe, as mining stocks in London lead the way higher," said IG chief market analyst Chris Beauchamp.

"After huge outflows from Chinese markets over the last year, it looks like investor confidence in the outlook is returning, along with hopes of renewed raw material demand."

Beauchamp added that sector rotation was continuing across the pond, as the Dow Jones managed to make gains even as the Nasdaq came under some pressure.

"The rally in stocks has moved into a choppier phase, a change from the relentless gains of the fourth quarter of 2023, and the sideways price action could intensify as we begin the run towards next week's Fed decision."

UK economy returns to growth in January, eurozone industrial output falls

In economic news, the Office for National Statistics reported that the UK economy returned to growth in January, showing a 0.2% increase in gross domestic product (GDP).

That growth aligned with expectations, following a 0.1% decline in December.

The positive uptick came after the economy contracted 0.3% in the final quarter of 2023, pushing it into a technical recession.

Services output notably contributed to the rise in GDP, expanding by 0.2% in January, according to the ONS.

However, production output declined 0.2%, while construction output showed a notable increase of 1.1%.

"The economy picked up in January with strong growth in retail and wholesaling. Construction also performed well with housebuilders having a good month, having been subdued for much of the last year," said ONS statistician Liz McKeown.

"These were partially offset by falls in television and film production, lawyers and the often-erratic pharmaceutical industry.

"Over the last three months as a whole, the economy contracted slightly."

On the continent, eurozone industrial production took a sharp downturn in January, according to fresh data from Eurostat.

Industrial production fell 3.2%, surpassing analyst expectations of a 1.8% decrease.

The decline was more pronounced than the 2.1% drop experienced across the wider European Union.

Year-on-year, industrial production in the euro area and EU fell by 6.7% and 5.7%, respectively.

Ireland notably recorded a significant 29% slump in industrial production month-on-month, contributing to the overall decline.

"A drop in industrial output in January was always likely, as a jump in Irish output in December mean reverted," said Melanie Debono, senior Europe economist at Pantheon Macroeconomics.

"The Irish figures are moved around violently by transfer pricing practices of multinational firms headquartered there.

"That said, it wasn't just Irish output that fell in January. Indeed, output slid in all bar eight eurozone economies."

Across the Atlantic, mortgage applications in the US saw a 7.1% increase in the week ended 8 March , according to the Mortgage Bankers Association of America.

Although it marked a slight cooling from the prior week's 9.7% rise, applications to purchase homes advanced by 4.7%, while those for home loan refinancing jumped 12.2%.

The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances dropped 18 basis points to 6.84%, reaching its lowest level in five weeks.

"Mortgage rates dropped below 7% last week for most loan types because of incoming economic data showing a weaker service sector and a less robust job market, with an increase in the unemployment rate and downward revisions to job growth in prior months," said MBA chief economist Mike Fratantoni.

Miners in the green, Direct Line falls as it rejects takeover bid

On London's equity markets, heavily-weighted miners gained, with Antofagasta, Glencore, and Anglo American up 5.28%, 1.75% and 2.88%, respectively.

Flutter Entertainment was boosted 1.39% after receiving an upgrade to 'overweight' from 'neutral' from JPMorgan Cazenove.

Infrastructure company Balfour Beatty jumped 9.48% following its announcement of a dividend increase and a £100m share buyback.

On the downside, South America-focussed Hochschild Mining slipped 0.36% after reporting a 10% drop in production.

Similarly, Ferrexpo faced a downturn of 4.09% after announcing the need for more time to finalise its full-year results due to a legal claim against its unit in Ukraine.

Intellectual property-focussed investor IP Group reported a decrease in net asset value to £1.19bn, down from £1.38bn in 2022, leading to a decline of 6.59% in its share price.

Direct Line Insurance Group also lost ground, dropping by 4.34%, following its rejection of a second takeover approach from Belgian rival Ageas, as the board said it continued to undervalue the company.

Meanwhile, InterContinental Hotels Group experienced a decline of 1.47% after being downgraded to 'hold' from 'buy' at Jefferies.

Reporting by Josh White for Sharecast.com.

Market Movers

FTSE 100 (UKX) 7,772.17 0.31%

FTSE 250 (MCX) 19,563.92 -0.01%

techMARK (TASX) 4,519.02 -0.36%

FTSE 100 - Risers

Antofagasta (ANTO) 1,914.50p 5.31%

Glencore (GLEN) 419.20p 4.81%

Anglo American (AAL) 1,937.00p 4.63%

Entain (ENT) 777.00p 1.92%

CRH (CDI) (CRH) 6,614.00p 1.66%

United Utilities Group (UU.) 1,057.50p 1.59%

BP (BP.) 485.00p 1.58%

Flutter Entertainment (DI) (FLTR) 17,475.00p 1.51%

Endeavour Mining (EDV) 1,473.00p 1.38%

British American Tobacco (BATS) 2,395.50p 1.23%

FTSE 100 - Fallers

Vodafone Group (VOD) 66.52p -4.01%

JD Sports Fashion (JD.) 114.10p -3.22%

Rentokil Initial (RTO) 479.60p -3.07%

Admiral Group (ADM) 2,650.00p -3.04%

Rightmove (RMV) 560.20p -2.91%

St James's Place (STJ) 436.30p -2.52%

Standard Chartered (STAN) 653.20p -2.48%

Hikma Pharmaceuticals (HIK) 1,875.00p -2.24%

InterContinental Hotels Group (IHG) 8,218.00p -2.24%

RS Group (RS1) 715.80p -2.05%

FTSE 250 - Risers

Balfour Beatty (BBY) 372.00p 9.48%

Carnival (CCL) 1,190.50p 5.54%

Moonpig Group (MOON) 179.40p 4.91%

Harbour Energy (HBR) 267.00p 4.83%

Jupiter Fund Management (JUP) 91.80p 3.73%

BH Macro Ltd. GBP Shares (BHMG) 339.50p 2.88%

Breedon Group (BREE) 390.50p 2.76%

Abrdn Private Equity Opportunities Trust (APEO) 533.00p 2.50%

Tullow Oil (TLW) 27.28p 2.48%

Baltic Classifieds Group (BCG) 235.00p 2.40%

FTSE 250 - Fallers

IP Group (IPO) 48.20p -6.59%

Direct Line Insurance Group (DLG) 216.00p -4.34%

Tritax Eurobox (GBP) (EBOX) 53.70p -4.11%

FirstGroup (FGP) 157.00p -3.98%

Ferrexpo (FXPO) 53.00p -3.64%

Abrdn (ABDN) 148.80p -3.53%

Future (FUTR) 592.50p -3.42%

Bridgepoint Group (Reg S) (BPT) 261.40p -3.11%

PureTech Health (PRTC) 195.60p -2.93%

Quilter (QLT) 101.50p -2.68%

More News
29 Feb 2024 09:36

Ageas would need to offer 270p to 300p a share for Direct Line, says Jefferies

(Sharecast News) - Belgium's Ageas would need to make an offer of 270p to 300p a share for UK insurer Direct Line for it to be more likely to be accepted, Jefferies said in a note on Thursday.

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29 Feb 2024 09:18

LONDON BROKER RATINGS: Barclays cuts Direct Line to equal weight

(Alliance News) - The following London-listed shares received analyst recommendations Thursday morning:

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28 Feb 2024 16:52

LONDON MARKET CLOSE: FTSE 100 down as Reckitt, St James's Place plunge

(Alliance News) - Stock prices in London closed lower on Wednesday, with some poorly-received updates from high profile names keeping a lid on enthusiasm, ahead of a key US inflation reading on Thursday.

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28 Feb 2024 15:50

UPDATE: Direct Line Insurance rejects "opportunistic" Ageas bid

(Alliance News) - Direct Line Insurance Group PLC on Wednesday rejected a bid approach from Belgian insurer Ageas SA, calling it "unattractive" and "uncertain".

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28 Feb 2024 15:19

Direct Line rejects £3.1bn takeover approach from Belgium's Ageas

(Sharecast News) - Direct Line confirmed on Wednesday that it had rejected a £3.1bn takeover approach from Belgium's Ageas, as it significantly undervalued the group.

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28 Feb 2024 15:01

London close: Stocks slip as US GDP growth decelerates

(Sharecast News) - London's equity markets experienced a downturn by the close on Wednesday, largely influenced by underperforming stocks such as St James's Place and Reckitt Benckiser, following disappointing financial results.

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28 Feb 2024 12:50

UPDATE: Direct Line soars as Ageas mulls GBP3.10 billion bid

(Alliance News) - Shares in Direct Line Insurance Group PLC jumped on Wednesday after Belgian insurer Ageas SA confirmed it was considering making an offer for the company.

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28 Feb 2024 12:27

PRESS: Direct Line rebuffs bid approach by Belgium's Ageas - Bloomberg

(Alliance News) - Shares in Direct Line Insurance Group PLC jumped on Wednesday after Bloomberg reported that it had rejected a bid approach from Belgian insurer Ageas SA.

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28 Feb 2024 12:02

Ageas mulls £3.1bn bid for Direct Line, shares surge

(Sharecast News) - Shares in Direct Line Insurance Group motored ahead on Wednesday, after Belgium's Ageas confirmed it was considering a possible £3.1bn bid for its UK rival.

Read more
9 Feb 2024 08:29

Direct Line to be joined by former Aviva boss Adam Winslow next month

(Alliance News) - Direct Line Insurance Group PLC on Friday said former Aviva PLC UK boss Adam Winslow will officially join the company as chief executive officer on March 1.

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1 Feb 2024 09:48

Mitie hires former Direct Line CEO Penny James as non-exec director

(Alliance News) - Mitie Group PLC on Thursday announced it has hired former Direct Line Insurance Group PLC's Chief Executive Officer Penny James as non-executive director, effective immediately.

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25 Jan 2024 10:21

JPMorgan turns more positive on Direct Line and Admiral

(Sharecast News) - Shares in UK motor insurers Direct Line Group and Admiral were rising on Thursday after positive comments from JPMorgan, which said that a sector recovery is imminent and that investor concerns about regulatory intervention are overdone.

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25 Jan 2024 09:10

LONDON BROKER RATINGS: JPMorgan raises Admiral Group to 'neutral'

(Alliance News) - The following London-listed shares received analyst recommendations Thursday morning and Wednesday:

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16 Jan 2024 16:17

London close: Stocks finish lower as wage growth eases

(Sharecast News) - London's stock markets finished in the red on Tuesday, as investors assessed the latest UK jobs data.

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16 Jan 2024 09:49

Berenberg upgrades DLG to 'buy', sees catalysts in 2024

(Sharecast News) - Berenberg has upgraded its rating for motor insurance group Direct Line from 'hold' to 'buy', saying that the stock's current price presents a buying opportunity.

Read more

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