Admiral Group

Ticker ADM

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As of 09:31 22 Jul 2019
Market cap. Pound sterling
6,639.48 million
As of 09:31 22 Jul 2019

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Copper prices drag down mining stocks

Escondida mine in Chile

Falling copper prices are weighing mining shares which continued to dominate the FTSE 100 fallers at mid-morning.

Prices have fallen below $6,0000 a tonne because a stronger dollar and hopes that a planned strike at Escondida in Chile, which is the world's largest copper mine, can be averted.

Gold and silver miner Fresnillo saw the biggest decline in its share price, down 5.3% at 921.2p.

Insurer Admiral is leading the FTSE 100 risers, up 3.1% at £20.60 after reporting a strong rise in interim pre-tax profits.

The FTSE 100 is now down 0.40% at 7,581.35.

Admiral profits jump despite Beast costs


Insurance group Admiral has reported a 9% rise in interim pre-tax profit to £211m, boosted by a 14% rise in customer numbers to 6.23 million.

Turnover rose 14% to £1.6bn in the six months to 30 June.

Chief executive David Stevens said: "Early in 2018 we passed the four million mark for cars on cover - the car that hit the milestone was a Peugeot 108; our first 25 years ago was an Isuzu Piazza."

However, Admiral's UK household division swung to a £1.9m loss, compared with a £1.6m profit the year, after being hit by claims associated with the "Beast from the East" earlier this year.

Gender pay

Arwyn Jones

BBC Wales political correspondent

Firms with more than 250 staff are having to reveal average pay differences between men and women.

Read more