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.

Start your day with The Independent, sign up for daily news emails
Life and Style
Steve Shaw shows Kate how to get wet behind the ears and how to align her neck
healthSteven Shaw - the 'Buddha of Breaststroke' - applies Alexander Technique to the watery sport
Arts and Entertainment
The sight of a bucking bronco in the shape of a pink penis was too much for Hollywood actor and gay rights supporter Martin Sheen, prompting him to boycott a scene in the TV series Grace and Frankie
tv
Sport
footballShirt then goes on sale on Gumtree
Voices
Terry Sue-Patt as Benny in the BBC children’s soap ‘Grange Hill’
voicesGrace Dent on Grange Hill and Terry Sue-Patt
Arts and Entertainment
Performers drink tea at the Glastonbury festival in 2010
music
Arts and Entertainment
Twin Peaks stars Joan Chen, Michael Ontkean, Kyle Maclachlan and Piper Laurie
tvName confirmed for third series
Sport
Cameron Jerome
footballCanaries beat Boro to gain promotion to the Premier League
Arts and Entertainment
art
News
ebookA unique anthology of reporting and analysis of a crucial period of history
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

Guru Careers: Software Developer / C# Developer

£40-50K: Guru Careers: We are seeking an experienced Software / C# Developer w...

Neil Pavier: Management Accountant

£45,000 - £55,000: Neil Pavier: Are you looking for your next opportunity for ...

Sheridan Maine: Commercial Accountant

£45,000 - £55,000: Sheridan Maine: Are you a newly qualified ACA/ACCA/ACMA qua...

Laura Norton: Project Accountant

£50,000 - £60,000: Laura Norton: Are you looking for an opportunity within a w...

Day In a Page

Abuse - and the hell that came afterwards

Abuse - and the hell that follows

James Rhodes on the extraordinary legal battle to publish his memoir
Why we need a 'tranquility map' of England, according to campaigners

It's oh so quiet!

The case for a 'tranquility map' of England
'Timeless fashion': It may be a paradox, but the industry loves it

'Timeless fashion'

It may be a paradox, but the industry loves it
If the West needs a bridge to the 'moderates' inside Isis, maybe we could have done with Osama bin Laden staying alive after all

Could have done with Osama bin Laden staying alive?

Robert Fisk on the Fountainheads of World Evil in 2011 - and 2015
New exhibition celebrates the evolution of swimwear

Evolution of swimwear

From bathing dresses in the twenties to modern bikinis
Sun, sex and an anthropological study: One British academic's summer of hell in Magaluf

Sun, sex and an anthropological study

One academic’s summer of hell in Magaluf
From Shakespeare to Rising Damp... to Vicious

Frances de la Tour's 50-year triumph

'Rising Damp' brought De la Tour such recognition that she could be forgiven if she'd never been able to move on. But at 70, she continues to flourish - and to beguile
'That Whitsun, I was late getting away...'

Ian McMillan on the Whitsun Weddings

This weekend is Whitsun, and while the festival may no longer resonate, Larkin's best-loved poem, lives on - along with the train journey at the heart of it
Kathryn Williams explores the works and influences of Sylvia Plath in a new light

Songs from the bell jar

Kathryn Williams explores the works and influences of Sylvia Plath
How one man's day in high heels showed him that Cannes must change its 'no flats' policy

One man's day in high heels

...showed him that Cannes must change its 'flats' policy
Is a quiet crusade to reform executive pay bearing fruit?

Is a quiet crusade to reform executive pay bearing fruit?

Dominic Rossi of Fidelity says his pressure on business to control rewards is working. But why aren’t other fund managers helping?
The King David Hotel gives precious work to Palestinians - unless peace talks are on

King David Hotel: Palestinians not included

The King David is special to Jerusalem. Nick Kochan checked in and discovered it has some special arrangements, too
More people moving from Australia to New Zealand than in the other direction for first time in 24 years

End of the Aussie brain drain

More people moving from Australia to New Zealand than in the other direction for first time in 24 years
Meditation is touted as a cure for mental instability but can it actually be bad for you?

Can meditation be bad for you?

Researching a mass murder, Dr Miguel Farias discovered that, far from bringing inner peace, meditation can leave devotees in pieces
Eurovision 2015: Australians will be cheering on their first-ever entrant this Saturday

Australia's first-ever Eurovision entrant

Australia, a nation of kitsch-worshippers, has always loved the Eurovision Song Contest. Maggie Alderson says it'll fit in fine