Prudential shares climb thanks to Axa, Allianz and ING

The biggest rise in the FTSE 100 at the moment is the insurer the Prudential, thanks to Axa and Allianz, and a price target upgrade from analysts at ING.

Prudential shares have climbed 32.5p to 610.5p. It has received a lift from Axa’s proposals to buy full control of its Asian businesses, which traders say strengthens the value of Pru’s own operations in the area. At the same time, the whole sector is being buoyed by better than expected third quarter results from Germany’s Allianz.

Meanwhile ING, while concerned about the outlook for insurers generally, likes the look of those who are investing in emerging markets. It has raised its price target for Prudential from 392p to 584p, although it only has a hold rating on the shares.

ING commented, ”as developed-world economies grow slowly or shrink and investment returns hide, the insurance industry faces the sort of perfect storm not seen in a working generation, in our view” To read more on this story go to guardian.co.uk.