24/01/14 Market Movements
Britain’s top shares sank to 4 week lows today with stocks exposed to emerging markets suffering the biggest losses following a steep decline in Latin American currencies. The currency decline was triggered after Argentina’s central bank announced it was scaling back support for its national currency (Peso) in an effort to preserve foreign exchange reserves.
As a result, FTSE 100 companies with large exposure to EM/Latin America suffered. Aberdeen was the FTSE100 largest faller – down 5.41%, Experian and HSBC also experienced heavy losses, down 4.5% and 2.2% respectively.
The FTSE 100 closed down 109.54 points at 6,663.74 (down 1.62%).
No stock movements to report today other than what has been mentioned above – primarily Experian.