(MENAFN- ProactiveInvestors) London’s top share index was weak as stocks exposed to emerging markets headed lower.
Russia’s rouble crash to record lows hurt by sanctions and a slide in oil prices sparked a rush out of emerging markets.
In response traders are cutting their risk exposure and quickly.
Moves by Russia to defend the currency today enhanced volatility and added to nerves.
Out of all London’s fallers and there were many paper maker Mondi () was the biggest down 4%. The firm has significant operations in Russia and across emerging markets.
Banks often sensitive to wild currency swings and exposed to emerging markets also felt the chill. RBS () was 7p lower at 364p () shed 5p to 225p and () was off 2% at 592p.
Oil failed to pick up as Brent crude stayed at US$59 a barrel. That along with downgrades by Deutsche Bank and Liberum Capital helped send lower (LON:BHP).
Other oil movers included BG () 7p lower at 819p and () down 23p to 665p.
Supermarkets were also among the losers with () and (LON:SRBY) 0.5% and 1% lower respectively.
Overall the FTSE 100 lost 42 points to 6289 – a drop of 0.7%.
US markets meanwhile are set for a nervous start given their central bank announces the decision from its December interest rate meeting later this evening. Wording is the key here with every nuance in Fed chair Janet Yellen’s press conference likely to analysed extensively.
Dixons Carphone () was one of the few FTSE 100 stocks rising after its maiden interim results.
The newly electroncis retailer saw like-for-like revenues rise by 5% alongside a bullish outlook that indicated savings of £80mln would come through earlier than expected.
() was the only miner trading higher up by 21p as Liberum Capital ended its ‘sell’ stance on the stock and changed it to a ‘hold’.
On AIM Hightex (LON:HITG) shares shot up 250% after German courts approved bankruptcy protection for its subsidiary Hightex GmbH.
() gained 31% as it received clearance to purchase a stake in ’s () Kiliwani North Development Licence (KNDL).
Shares in () were up by 14% as final results showed a strengthening of its balance sheet and improved cash reserves.
() has started completion work on the State 16-42 Paradox well in Utah its first step to establishing production in the US.
Shares were 31% higher helped by a very bullish update from house broker finnCap which raised its price target to a super punchy 12p against a market price of 1.76p.
EFK Diagnostics (LON:EKF) wasn’t doing so well as it said final results will fall below expectations. Shares dropped 16% to 22p.
Stockbroker Share () also slipped 10% as it cautioned an anticipated pick up in business in its latest quarter hadn’t materialised. Full year profits will miss expectations as a result.
() lost 13% on plans to raise £1mln by issuing 5mln new shares.
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