Sector movers: Resolution leads insurers higher after broker upgrade

Life insurers were performing well on Tuesday afternoon with a host of heavy-hitters on the FTSE 350 providing a lift.Resolution was the standout performer in the sector today after Bank of America Merrill Lynch raised its rating on the stock from 'neutral' to 'buy'. The US broker cited an attractive dividend yield as one of the reasons behind the move. Shares were up 8.03% at 238.97p an hour before the close of trade.Sector peers Legal & General, Phoenix, Standard Life, Aviva, Old Mutual and Prudential were also registering decent gains today.Prudential announced yesterday that it had entered into a long-term exclusive bancassurance partnership with Thai firm Thanachart Bark, which will see Pru buy the Thanachart Life Assurance Company from Thanachart, the fifth-largest retail bank in Thailand, for £358m in cash. Analyst Barrie Cornes said yesterday that this is a good deal for Pru as it improves its already strong and profitable presence in South-East Asia."The acquisition is important to Pru given that it doubles its business in Thailand where insurance penetration at 2.7% is still very low. South-East Asia is Pru's growth Asian growth engine and we view the acquisition as strategically significant in that it fills an important gap," he said.Top performing sectors so far todayIndustrial Metals & Mining 2,690.02 +2.52%Life Insurance 4,913.39 +1.92%Technology Hardware & Equipment 887.68 +1.48%Chemicals 8,450.54 +1.47%Automobiles & Parts 5,052.56 +1.22%Bottom performing sectors so far todayGeneral Industrials 3,318.26 -0.25%Construction & Materials 3,447.84 -0.14%Industrial Transportation 2,365.13 -0.07%BC