Shares slump as FBD slashes earnings guidance

Shares in insurance company FBD Holdings slumped dramatically yesterday following the announcement that it is set to make a loss this year, its second earnings warning in six months.

Shares in the insurer plummeted by almost 25% yesterday morning following the release of its interim management statement in which it reduced its earnings per share guidance from 70-80c profit to a loss of between zero and 10c.

Shares recovered somewhat, leaving the total decrease at just over 18%.