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TBCG - TBC Bank News Story

990p 5.0  0.5%

Last Trade - 25/09/20

Sector
Financials
Size
Mid Cap
Market Cap £546.0m
Enterprise Value £1.37bn
Revenue £307.1m
Position in Universe 493rd / 1808

Emerging market tremors hit FTSE 100

Fri 10th August, 2018 10:08am
(For a live blog on European stocks, type LIVE/ in an Eikon news window) * FTSE 100 down 0.7 pct * Turkey currency crisis, Russian rouble slide weigh * Russian gold miner Evraz down 6.6 pct * Miners fall as copper slides on stronger dollar * FTSE 100 and sterling correlation weakens: https://reut.rs/2OkPhOi By Helen Reid LONDON, Aug 10 (Reuters) - Anxiety over emerging market assets sent Britain's FTSE 100 tumbling on Friday as a currency crisis in Turkey deepened and Russia's rouble extended losses, dragging exposed stocks down. The FTSE 100 .FTSE fell 0.7 percent by 0830 GMT but was still on track to end the week in the black with a 0.5 percent rise, its best performance in a month. It outperformed Europe's STOXX 600 and Germany's DAX, which was down 1.6 percent. Many UK-listed companies derive a significant chunk of revenues from emerging markets, and several Russian companies are listed on the British stock market. Russian gold miner Evraz EVRE.L was the worst-performing FTSE 100 stock, down 6.6 percent after broker VTB Capital downgraded it and the rouble fell to its lowest since July 2016 on anxiety over a fresh round of U.S. sanctions. urn:newsml:reuters.com:*:nL5N1V11P6 Russia-exposed miners Polymetal POLYP.L and Kaz Minerals KAZ.L fell 2.2 and 1.7 percent. A slide in the Turkish lira to record lows, after President Tayyip Erdogan dismissed investors' concerns, sent tremors across other emerging markets, with South Africa's rand falling to a six-week low. urn:newsml:reuters.com:*:nL5N1V11AF This weighed on South Africa-exposed bank Investec INVP.L , whose shares fell 2.4 percent. Emerging markets-focused lender Standard Chartered STAN.L fell 1 percent. UK mid-caps with exposure to Turkey and nearby emerging markets were also bruised. Travel operator On The Beach OTB.L fell 3.2 percent, while TBC Bank TBCG.L , a Georgian lender, declined 3.5 percent. "Whilst generally EM economies are much stronger than they were 20 or 30 years ago you've still got some countries that are a bit of a mess," said Peter Elston, chief investment officer at Seneca Investment Managers. "That's occasionally going to cause problems for the asset class as a whole, as it is doing at the moment." The FTSE 100 fell despite a slide in sterling, which usually supports the exporter-heavy index. The negative relationship between the two has evaporated recently. https://reut.rs/2OkPhOi Miners were the biggest weight on the FTSE 100, with Fresnillo FRES.L , Randgold Resources RRS.L , Anglo American AAL.L , Antofagasta ANTO.L , Glencore GLEN.L , and Rio Tinto RIO.L all down between 1.6 and 3.2 percent as copper prices fell on a stronger dollar. urn:newsml:reuters.com:*:nL4N1V11YN Outside of EM-driven moves, shares in engine maker Rolls-Royce RR.L fell 3.1 percent after JP Morgan downgraded the stock to "underweight". "Relative to other civil aerospace stocks we follow, we think Rolls-Royce now offers investors a less attractive risk-reward," JPM analysts wrote, arguing the firm is showing deteriorating earnings quality. The FTSE 250 .FTMC fell less sharply, down 0.4 percent thanks to its less internationally exposed constituents. "Mid-caps fell horribly following the (Brexit) vote, and they've since made back everything they've lost and more, which suggests they have been able to thrive in this post-ref vote environment," said Seneca's Elston. However, he added, "earnings have been very mixed." Analysts have been cautious on mid-cap earnings, while the index has been declining since a record high hit on June 14. <^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^ Aug 10 FTSE 250 earnings expectations https://reut.rs/2vzhOsu FTSE GBP correlation https://reut.rs/2OkPhOi ^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^> (Reporting by Helen Reid) ((Helen.Reid@thomsonreuters.com; +44 20 7542 0402;)) (( For related prices, Reuters users may click on - * UK stock report .L FTSE index: 0#.FTS6 techMARK 100 index: .FTT1X FTSE futures: 0#FFI: Gilt futures: 0#FLG: Smallcap index: .FTSC FTSE 250 index: .FTMC FTSE 350 index: .FTLC Market digest: .AD.L Top 10 by vol: .AV.L Top price gainers: .NG.L Top % gainers: .PG.L Top price losers: .NL.L Top % losers: .PL.L * For related news, click on - * UK hot stocks: [HOT and GB] Wall Street: .N Gilts report: GB/ Euro bond report GVD/EUR Pan European stock report: .EU Tokyo stocks: .T HK stocks: .HK Sterling report: GBP/ Dollar report: USD/ * For company prices, click on - * Company directory: UKEQ By sector: FTAX * For pan-European market data, click on - * European Equities speed guide................ EUR/EQUITY FTSE Eurotop 300 index........................... .FTEU3 DJ STOXX index................................... .STOXX Top 10 STOXX sectors........................ .PGL.STOXXS Top 10 EUROSTOXX sectors................... .PGL.STOXXES Top 10 Eurotop 300 sectors.................. .PGL.FTEU3S Top 25 European pct gainers.................... .PG.PEUR Top 25 European pct losers..................... .PL.PEUR ))
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