Prudential: Sales up 15 percent but shares slip

Prudential shares surged yesterday after the revelation that the firm is planning to bid for AIG’s Asian business for £8.6 billion, possibly backed up by sovereign wealth funds investments. It has now been reported that Prudential have run into profit.

Over the first 9 months 2008 Prudential have reported a 15 percent increase in sales compared to the same time last year. Prudential chief executive Andrew Tucker said: “We are of course monitoring closely AIG’s disposal programme and considering what, if any, opportunities may arise that would create additional value for our shareholders.” Although he did add to the statement that he could not comment on how the deal would be financed as it is too soon.

However, Prudential shares have fallen to 3.26p from 4.25p, with Standard Life down 4.75p to 230.25p
Overall, it’s looking slightly brighter on the global money markets with Asian markets high, Wall Street up more than 400 points overnight and the FTSE 100 already reaching 4347 at one point this morning.

Source: Guardian