Market Report: Aberdeen Asset Management hit by Argentina's currency woes
Saturday 25 January 2014
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.
- 1 Cyclist who knocked down three-year-old girl says his life has been 'destroyed'
- 2 Chelsea victory parade: Chelsea mocked on Twitter as 'tens of fans' pack the streets of London
- 3 US warned by Chinese media to stop meddling or 'war will be inevitable'
- 4 Woman, 21, dies after taking contraceptive pill that 'caused fatal blood clot'
- 5 Isis burns woman alive for refusing to engage in 'extreme' sex act, UN says
Cyclist who knocked down three-year-old girl says his life has been 'destroyed'
US warned by Chinese media to stop meddling or 'war will be inevitable'
How China's richest man Li Hejun lost $15bn in an hour - and made a fortune
Isis burns woman alive for refusing to engage in 'extreme' sex act, UN says
Snoop Dogg on why he doesn't regret displaying misogyny towards women
As a white man, I'm surprised more women aren't tweeting the hashtag #KillAllWhiteMen
Scotland may have to leave the EU even if it votes to stay in, David Cameron confirms
The day that Britain resigned as a global power
SNP fury as HS2 finds 'no business case' for taking fast train service to Scotland
EU referendum: David Cameron's rules are a 'democratic disgrace', says French-born Scottish politician set to be denied a vote
A nation of inequality: How the UK is failing to feed its most vulnerable people
iJobs Money & Business
£40-50K: Guru Careers: We are seeking an experienced Software / C# Developer w...
£45,000 - £55,000: Neil Pavier: Are you looking for your next opportunity for ...
£45,000 - £55,000: Sheridan Maine: Are you a newly qualified ACA/ACCA/ACMA qua...
£50,000 - £60,000: Laura Norton: Are you looking for an opportunity within a w...