Market Report: Standard Chartered falls to six-year low

Things aren’t getting any better for Standard Chartered.

Despite announcing drastic cost-cutting plans last week, the struggling emerging markets bank fell to a six-year low yesterday, as UBS warned “2015 is set up to be another year of transition and hence another year of revenue declines”. The investment bank downgraded StanChart and raised fears that it could cut its dividend in half this year. There were also disappointing fourth quarter results from JPMorgan, pointing to a tough period for banks. Standard Chartered slipped 45.5p to 886.1p.

Copper replaced oil as the Footsie’s bête noire, as the price of the metal slumped. David Buik of Panmure Gordon said: “Miners have been absolutely larruped… Oil and energy stocks have not fared much better.”

The FTSE 100 closed down 153.74 points at 6,388.46.

Tesco jumped in morning trade as US hedge fund supremo and activist investor Bill Ackman considered buying a stake in the beleaguered supermarket. But shares settled back when the full transcript came out, indicating he no longer has an interest. Tesco still rose 2p to 214p, thanks to upgrades from Exane BNP Paribas and BESI.

Whispers that German discounter Aldi could be interested in a bid for WM Morrison bubbled up, but the supermarket drifted 5.7p to 179.1p.

2014 was the year of the coach potato, according to Just Eat. The takeaway specialist’s orders jumped 50 per cent last year, helping it rise 11.3p to 340.8p.

Former online dating company Cupid completed its transformation into Castle Street Investments, flat at 18p.

New Zealand oil and gas explorer Kea Petroleum tumbled 0.67p to 1.4p on news that production at one of its key sites has been halted.

Quindell bubbled up 5p to 91.25p on rumours that PwC’s judgement on its accounts could be imminent – and favourable.

Victoria, the carpet maker which helped furnish the Royal Wedding, jumped 47.5p to 545p on AIM as it announced a deal to buy the Whitestone Weavers group of carpeting companies for £5.7m.