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Egg losses increase

Egg, the internet bank reported a loss of £80.7m in the six months to June, bringing its total losses so far to nearly £295m.

Losses were greater than expected by the online arm of Prudential.

On the news, share prices tumbled another 5 per cent to 128p from 134.5p. This means the shares have lost 32p from their issue price of 160p when Egg floated last month.

Egg chief operating officer Paul Gratton dismissed the latest events. He says: “The market will do what the market will do. Our job is to manage the business and keep the promises we made at the time of the float.”

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