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London shares recover to close flat (AFP)

LONDON (AFP) - Leading shares staged a recovery in late deals to close less than ten points lower Friday, spurred on by gains on Wall Street following better-than-expected durable goods orders, but weighed down by UK insurers after Munich Re's profit warning. The FTSE 100 index closed just 9.7 points lower at 5,352.6, having hit a session low of 5,291.4, while the FTSE 250 index ended down 139.5 points at 8,867.7. Barclays was the most traded stock, seeing 256 million units change hands, followed by RBS, which saw 148 million shares switch owners. Insurers featured heavily among blue-chip casualties after German giant Munich Re warned that profits would be below expectations. The insurer said the main reason for cutting its guidance was turmoil on the capital markets, "which has led to an appreciable reduction in the Group's... [read full story]                    

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