* FTSE 100 down 0.6 pct
* Coca-Cola HBC hurt by deterioration in Russian market
* RSA, Old Mutual weak after 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 from insurance companies and
from bottler Coca-Cola HBC.
The world's No. 2 bottler of Coca-Cola drinks, sank
5.3 percent after warning that volumes would fall for the rest
of the year, citing a "sudden deterioration" in Russia, its
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 ended down 38.79 points, or 0.6 percent, at
6,597.37 points, its lowest close since April 16, meaning it 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 for
"They're (investors are) still a bit nervous... but in the
short term it's fairly well priced in," TJM Partners head of
trading Manoj Ladwa 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
Among insurers, RSA shed 3 percent in a choppy day
of trading after it outlined the details of its turnaround plan.
Berenberg analyst Sami Taipalus said in a research note that
while RSA's balance sheet has been strengthened considerably,
its economic capital ratio and targeted cost savings were lower
"Overall, we struggle to get overly positive about the
contents of the release at this stage," Taipalus said.
Old Mutual was also down, falling 1.7 percent after
foreign exchange trends dampened a headline jump in profit,
But fellow insurer Aviva rose 2.6 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.
ARM Holdings also notched up good gains, rising 2.2
percent, as U.S. analysts added to some recent positive broker
comment on the company, which sells blueprints for chip designs
and receives royalties on every chip shipped by partners.
Benchmark, which reckons that royalty revenue will
accelerate, lifted its rating on ARM to "buy" from "hold.
(Additional reporting by Alistair Smout; Editing by Louise