Homes, insurers and dividends

FTSE indices fell in early trading as support from rising oil prices was outweighed by more disappointing data from China. 

“London-focused estate agent Foxtons was down in early trading after its full year figures showed that the capital took longer than expected to recover from the slowdown around last May’s General Election,” says AJ Bell Investment Director Russ Mould.

“Foxtons is confident that the attractive fundamentals of the London property market are as strong as ever. But investors will be concerned about its warning of the short-term effects of the political and economic uncertainty caused by the referendum on leaving the European Union. 

“Insurance group esure disappointed investors by deciding to cut its dividend and retain capital to help fund growth. The group reported a 29.7% rise in pre-tax profits driven by a rise in motor premiums.

“Merchant bank Close Brothers increased its first half dividend after a solid performance in increasingly volatile market conditions. The group believes it is well positioned to continue to invest in its business and deliver sustainable growth and strong returns.”

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