Market Report: Aberdeen Asset Management hit by Argentina's currency woes

 

Don’t cry for Aberdeen Asset Management but Argentina’s currency issues sent it falling yesterday.

Emerging market problems panicked the markets as Argentina was forced to relax its strict foreign exchange controls, a day after the peso suffered its biggest fall in 12 years, while the Turkish lira hit record lows and the rouble and the rand slumped to 2009 levels. Fund managers with emerging market exposure were some of the worst-hit stocks as the FTSE 100 slumped more than 1.6 per cent. A sell note from Morgan Stanley added to Aberdeen’s woes and it tumbled 24.1p to 397.3p – bottom of the benchmark index. The FTSE 250 investment manager Ashmore, which got a neutral rating from Morgan Stanley, fell 18.2p to 325.8p.

The FTSE 100 was 109.54 points weaker at 6,663.74 – the biggest one-day fall since last June last year as the index returned to pre-Christmas levels.

A range of other stocks were hit by jittery sellers and British Airways owner IAG lost 21.1p to 406.3p.

Investec downgraded Lloyds Banking Group to a hold amid concerns over further PPI payout risk. Lloyds fell 1.67p to 81.36p.

UBS analysts looked at the specialist chemical sector and speculated that M&A activity is likely. UBS said there was bid potential for Elementis and Croda International’s technologies unit. Croda slipped 40p to 2,400p and Elementis 8.8p to 250.7p.

Cairn Energy lost 14.6p to 247.5p amid concerns about an Indian tax inquiry into Cairn India, where it owns 10 per cent.

The AIM-listed clean-fuel group ITM Power agreed a contract with Amec and National Grid and strengthened 3p to 41.25p.

The Paraguay-focused President Energy rose 3.37p to 44.5p after issuing an update on drilling prospects.

The US oil and gas group Empyrean Energy got the thumbs-up from analysts at Cenkos who rated it a buy with a 20p price target. It jetted 0.875p to 12.5p.

Victoria Oil & Gas agreed a settlement over a project in Cameroon and it soared 0.14p to 1.44p

Online payment specialist Optimal Payments said two investors placed 44 million shares at 365p yesterday. It eased 30p to 370p.

News
peopleFrankie Boyle responds to referendum result in characteristically offensive style
News
news
Life and Style
Couples have been having sex less in 2014, according to a new survey
life
New Articles
i100... with this review
PROMOTED VIDEO
Voices
Holly's review of Peterborough's Pizza Express quickly went viral on social media
Sport
footballTim Sherwood: This might be th match to wake up Manchester City
Arts and Entertainment
musicHow female vocalists are now writing their own hits
New Articles
i100
News
ebooksAn unforgettable anthology of contemporary reportage
News
news
Arts and Entertainment
musicBiographer Hunter Davies has collected nearly a hundred original manuscripts
News
Blahnik says: 'I think I understand the English more than they do themselves'
people
Arts and Entertainment
Michelle Dockery as Lady Mary Crawley in Downton Abbey
TVInside Downton Abbey series 5
Life and Style
The term 'normcore' was given the oxygen of publicity by New York magazine during the autumn/winter shows in Paris in February
fashionWhen is a trend a non-trend? When it's Normcore, since you ask
Latest stories from i100
Have you tried new the Independent Digital Edition apps?
Independent Dating
and  

By clicking 'Search' you
are agreeing to our
Terms of Use.

iJobs Job Widget
iJobs Money & Business

Senior BA - Motor and Home Insurance

£400 - £450 Per Day: Clearwater People Solutions Ltd: **URGENT CONTRACT ROLE**...

Market Risk & Control Manager

Up to £100k or £450p/d: Saxton Leigh: My client is a leading commodities tradi...

SQL Developer - Watford/NW London - £320 - £330 p/d - 6 months

£320 - £330 per day: Ashdown Group: The Ashdown Group have been engaged by a l...

Head of Audit

To £75,000 + Pension + Benefits + Bonus: Saxton Leigh: My client is looking f...

Day In a Page

Scottish referendum: The Yes vote was the love that dared speak its name, but it was not to be

Despite the result, this is the end of the status quo

Boyd Tonkin on the fall-out from the Scottish referendum
Manolo Blahnik: The high priest of heels talks flats, Englishness, and why he loves Mary Beard

Manolo Blahnik: Flats, Englishness, and Mary Beard

The shoe designer who has been dubbed 'the patron saint of the stiletto'
The Beatles biographer reveals exclusive original manuscripts of some of the best pop songs ever written

Scrambled eggs and LSD

Behind The Beatles' lyrics - thanks to Hunter Davis's original manuscript copies
'Normcore' fashion: Blending in is the new standing out in latest catwalk non-trend

'Normcore': Blending in is the new standing out

Just when fashion was in grave danger of running out of trends, it only went and invented the non-trend. Rebecca Gonsalves investigates
Dance’s new leading ladies fight back: How female vocalists are now writing their own hits

New leading ladies of dance fight back

How female vocalists are now writing their own hits
Mystery of the Ground Zero wedding photo

A shot in the dark

Mystery of the wedding photo from Ground Zero
His life, the universe and everything

His life, the universe and everything

New biography sheds light on comic genius of Douglas Adams
Save us from small screen superheroes

Save us from small screen superheroes

Shows like Agents of S.H.I.E.L.D are little more than marketing tools
Reach for the skies

Reach for the skies

From pools to football pitches, rooftop living is looking up
These are the 12 best hotel spas in the UK

12 best hotel spas in the UK

Some hotels go all out on facilities; others stand out for the sheer quality of treatments
These Iranian-controlled Shia militias used to specialise in killing American soldiers. Now they are fighting Isis, backed up by US airstrikes

Widespread fear of Isis is producing strange bedfellows

Iranian-controlled Shia militias that used to kill American soldiers are now fighting Isis, helped by US airstrikes
Topshop goes part Athena poster, part last spring Prada

Topshop goes part Athena poster, part last spring Prada

Shoppers don't come to Topshop for the unique
How to make a Lego masterpiece

How to make a Lego masterpiece

Toy breaks out of the nursery and heads for the gallery
Meet the ‘Endies’ – city dwellers who are too poor to have fun

Meet the ‘Endies’ – city dwellers who are too poor to have fun

Urbanites are cursed with an acronym pointing to Employed but No Disposable Income or Savings
Paisley’s decision to make peace with IRA enemies might remind the Arabs of Sadat

Ian Paisley’s decision to make peace with his IRA enemies

His Save Ulster from Sodomy campaign would surely have been supported by many a Sunni imam