Market Report: Quindell falls to eight-month low

Insurance claims outsourcer Quindell fell to an eight-month low and saw almost £200m wiped off its value yesterday, after plans for a Premium Listing collapsed.

Four days after saying it was still working on its application, Quindell admitted it wouldn't be able to meet the criteria. The Aim-listed company claimed it was a victim of its own success after its rapid expansion into new areas such as telematics. Listing rules require a consistent business model for three years to allow investors to assess prospects.

Quindell, 3.5p lower at 14p, is now mulling a North American listing.

The FTSE 100 slipped 34.68 points to 6,838.87, with little conviction about. Johnson Matthey, down 43p at 3,247p, and Vodafone, 9.45p lower at 199.4p, were both trading ex-dividend. EasyJet lost 63p to 1530p and British Airways-owner IAG dropped 12.6p to 400p, after a steep profit warning from rival airline Lufthansa.

Grolsch and Pilsner Urquell brewer SABMiller retreated 65p to 3,395p on a downgrade from Shore Capital. Revived takeover rumours helped it rise earlier this week, but the broker thinks SABMiller's current valuation is now too high.

With SAB on the wane, chatter turned to consumer goods giant Unilever. Traders speculated that the pot of cash first thought to be for SABMiller is actually intended for the Ben & Jerry's to Lynx maker, down 7p at 2,678p. A private equity bid could be around the £40-a-share mark.

News that extremists have seized the oil-rich province of Mosul in Iraq hit companies searching for black gold in the country. Genel Energy slipped 58.5p to 968.5p, Afren was 6.8p lower at 144.2p and Gulf Keystone Petroleum lost 9p to 91.5p.

Posh kitchen specialist John Lewis of Hungerford slid 0.22p to 1.7p on Aim, after admitting that the cost of two new showrooms will hit this year's operating profits.

"Serial disappointer" Orosur Mining might be losing its bad reputation, according to Whitman Howard, after a strong set of full-year results. The Uruguay-focused gold miner rose 0.76p to 13.01p after it beat its 60,000-ounce production target.

Start your day with The Independent, sign up for daily news emails
Arts and Entertainment
filmPoldark production team claims innocence of viewers' ab frenzy
Life and Style
Google marks the 81st anniversary of the Loch Ness Monster's most famous photograph
techIt's the 81st anniversary of THAT iconic photograph
News
Katie Hopkins makes a living out of courting controversy
people
News
General Election
ebooks
ebooksA special investigation by Andy McSmith
  • Get to the point
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: Pricing Analyst

£30 - 35k (DOE): Guru Careers: We are seeking a Pricing Analyst with experienc...

Ashdown Group: Treasury Assistant - Accounts Assistant - London, Old Street

£24000 - £26000 per annum + benefits : Ashdown Group: A highly successful, glo...

Ashdown Group: Sales Team Leader - Wakefield, West Yorkshire

£21000 - £24000 per annum: Ashdown Group: The Ashdown Group has been engaged b...

Ashdown Group: Head of Client Services - City of London, Old Street

£45000 - £50000 per annum + benefits : Ashdown Group: A highly successful, int...

Day In a Page

Revealed: Why Mohammed Emwazi chose the 'safe option' of fighting for Isis, rather than following his friends to al-Shabaab in Somalia

Why Mohammed Emwazi chose Isis

His friends were betrayed and killed by al-Shabaab
'The solution can never be to impassively watch on while desperate people drown'
An open letter to David Cameron: Building fortress Europe has had deadly results

Open letter to David Cameron

Building the walls of fortress Europe has had deadly results
Tory candidates' tweets not as 'spontaneous' as they seem - you don't say!

You don't say!

Tory candidates' election tweets not as 'spontaneous' as they appear
Mubi: Netflix for people who want to stop just watching trash

So what is Mubi?

Netflix for people who want to stop just watching trash all the time
The impossible job: how to follow Kevin Spacey?

The hardest job in theatre?

How to follow Kevin Spacey
Armenian genocide: To continue to deny the truth of this mass human cruelty is close to a criminal lie

Armenian genocide and the 'good Turks'

To continue to deny the truth of this mass human cruelty is close to a criminal lie
Lou Reed: The truth about the singer's upbringing beyond the biographers' and memoirists' myths

'Lou needed care, but what he got was ECT'

The truth about the singer's upbringing beyond
Migrant boat disaster: This human tragedy has been brewing for four years and EU states can't say they were not warned

This human tragedy has been brewing for years

EU states can't say they were not warned
Women's sportswear: From tackling a marathon to a jog in the park, the right kit can help

Women's sportswear

From tackling a marathon to a jog in the park, the right kit can help
Hillary Clinton's outfits will be as important as her policies in her presidential bid

Clinton's clothes

Like it or not, her outfits will be as important as her policies
NHS struggling to monitor the safety and efficacy of its services outsourced to private providers

Who's monitoring the outsourced NHS services?

A report finds that private firms are not being properly assessed for their quality of care
Zac Goldsmith: 'I'll trigger a by-election over Heathrow'

Zac Goldsmith: 'I'll trigger a by-election over Heathrow'

The Tory MP said he did not want to stand again unless his party's manifesto ruled out a third runway. But he's doing so. Watch this space
How do Greek voters feel about Syriza's backtracking on its anti-austerity pledge?

How do Greeks feel about Syriza?

Five voters from different backgrounds tell us what they expect from Syriza's charismatic leader Alexis Tsipras
From Iraq to Libya and Syria: The wars that come back to haunt us

The wars that come back to haunt us

David Cameron should not escape blame for his role in conflicts that are still raging, argues Patrick Cockburn
Sam Baker and Lauren Laverne: Too busy to surf? Head to The Pool

Too busy to surf? Head to The Pool

A new website is trying to declutter the internet to help busy women. Holly Williams meets the founders