UK's FTSE 100 opened higher on Wednesday buoyed by insurers' stocks, with Prudential rising after it reported strong half-year profit, while Direct Line gained on appointing a new CEO as the firm looks to reset after a tough 2022.
The benchmark FTSE 100 index (.FTSE) was up 0.3% in early trade, while the mid-cap FTSE 250 index (.FTMC) gained 0.2%.
Life insurance stocks (.FTNMX303010) rose 1.6% leading sectoral gains.
London-listed shares of Prudential (PRU.L) surged 2.6%, after the Asia-focused insurer posted a 3.6% rise in first-half operating profit. The stock was the biggest gainer on the benchmark index.
Non-life insurers (.FTNMX303020) climbed 0.6%, cheered by a 1.0% rise in Direct Line Insurance Group (DLGD.L) after the British motor and home insurer named Adam Winslow, a senior executive at Aviva (AV.L), as its new CEO.
Britain on Tuesday scrapped a rule inherited from the European Union that limited where investors could trade shares, as part of wider moves to bolster London's reputation as an open and competitive global financial centre.
