* FTSE 100 down 0.6 pct
* Coca-Cola HBC hurt by deterioration in Russian market
* Old Mutual, RSA post weak results but Aviva climbs
* BoE holds steady as rates debate heats up
By Tricia Wright
LONDON, Aug 7 Britain's top shares slipped again
on Thursday after sobering results among the insurers and from
bottler Coca-Cola HBC.
RSA shed 3.2 percent in a choppy day of trading
after it outlined the details of its turnaround plan.
Sami Taipalus, analyst at Berenberg, said that while RSA's
balance sheet position has been strengthened considerably, its
economic capital ratio and targeted cost savings were both lower
"Overall, we struggle to get overly positive about the
contents of the release at this stage," Taipalus said in a note.
Old Mutual was also down, falling 1.7 percent after
foreign exchange trends dampened a headline jump in profit,
But fellow insurer Aviva rose 2.7 percent, one of the
top FTSE 100 gainers, after unveiling a 4 percent rise in
first-half operating profit as its European and UK general
insurance businesses built on a strong start to the year.
Back among fallers, Coca-Cola HBC, the world's No. 2
bottler of Coca-Cola drinks, sank 5 percent after warning that
volumes would fall for the rest of the year, citing a "sudden
deterioration" in Russia, its biggest market.
More broadly, investors were on edge over the potential
impact of sanctions announced by Russia in retaliation for
penalties introduced by the West over events in Ukraine.
The FTSE 100 was down 38.44 points, or 0.6 percent, at
6,597.72 points by 1508 GMT, meaning the index has fallen more
than 3 percent since a peak seen at the end of July.
Some traders, however, felt the index had found a floor
around current levels for now.
"They're (investors are) still a bit nervous... but in the
short term it's fairly well priced in," Manoj Ladwa, head of
trading at TJM Partners, said.
The Bank of England kept interest rates at their record low
on Thursday, giving Britain's fast economic recovery more time
to build even as differences among its policymakers become more
The European Central Bank also left interest rates
(Additional reporting by Alistair Smout; Editing by Ruth