22/10/14 Market Movements

Market News

The FTSE100 closed up 27.40 points at 6,399.73 as motor insurers advanced on news of an increase in car premiums and drugmaker GlaxoSmithKline climbed after announcing details of its recovery plan.

GlaxoSmithKline closed up 2.6% after setting out a bold recovery plan, including an initial public offering of part of its HIV and AIDS drugs business.

Meanwhile, the UK non-life insurance index rose 1.5% after motoring group AA said the price of car insurance had risen for the first time since early 2012.