Scot stocks: Scotland does not escape the malaise hitting the world's stock markets

Published on Monday 6 October 2008 21:44

A PLUNGE in financial and mining companies filtered throughout the London Stock Exchange yesterday, with almost all of Scotland's main listed companies heading south.

Aberdeen Asset Management, which was praised for its new Japanese alliance last week, plunged 16p to 118p. Weir Group, the engineering group that analysts claim is more resilient to a downturn than its peers, slumped 10.8 per cent to 553p. Wolfson Microelectronics fell 5.5p to a new low of 80p as heavyweight brokers Goldman Sachs cut its target price on the company to 75p.

Optos, which also issued a revenue warning last week continued its slide, down 6p to 73p.

Even glowing broker notes couldn't help. Analysts at Evolution Securities said Aim-listed Faroe Petroleum's announcement on Friday about a significant gas "show" in the East Breagh well showed a "glaring undervaluation" in the company's shares, which it says are worth 250p. Despite this Faroe closed off 16.9 per cent at 95p.

There were a few risers – Johnston Press, owner of The Scotsman, gained 9.25p to 49p. And on Aim, Axeon, the battery maker that plunged on a profits warning last week, closed up 1p at 17p. Packaging company Macfarlane Group rose 0.5p to 22p and Goals Soccer Centres rose12.5p to 229.5p.