Citywire printed articles sponsored by:
View the article online at http://citywire.co.uk/wealth-manager/article/a709969
The smaller companies shaken by the Woodford tremors
by Robert St George on Oct 16, 2013 at 11:54
One of the hardest hit has been e-Therapeutics, a pharmaceutical company with a market capitalisation of £83 million, fully half of which is owned by Invesco. Its share price has plunged by 21% this morning.
Investors have similarly taken flight from Raven Russia, a £446 million Russian property fund in which Invesco has a 29% holding. Shares in the business have fallen by 3.8% since yesterday afternoon.
Cranswick suffered more yesterday, its shares slipping by 1.4% within hours of the news of Woodford’s departure before clawing back 0.5% this morning. Invesco controls 29% of the £511 million food group.
Woodford’s favoured larger companies have not been spared either. £2.6 billion utility Drax has lost 1.7% today, having already dropped by 3% on Tuesday, with analysts at Liberum questioning whether its forecast 2014 yield of 2.6% would be enough to keep it in income portfolios.
£2.3 billion Provident Financial, a quarter owned by Invesco, has now retreated by 5.3% since yesterday.
And Woodford’s own Edinburgh Investment Trust has continued to slide, a 4.6% selloff this morning compounding yesterday’s 5% decline.
News sponsored by:
The Citywire guide to investment trusts
Investment trusts have proved to be a highly effective way to invest in the market. Citywire has interviewed the experts to find out more.
Today's top headlines
More about this:
Look up the shares
- E-Therapeutics PLC (ETXP.L)
- Raven Russia Ltd (RUS.L)
- Cranswick PLC (CWK.L)
- Drax Group PLC (DRX.L)
- Capita PLC (CPI.L)
- Serco Group PLC (SRP.L)
- Provident Financial PLC (PFG.L)
Look up the investment trusts
Look up the fund managers
More from us
- Woodford exit sparks Drax share price fall
- Shares in Edinburgh trust plunge on Woodford exit
- What would a run on Woodford's fund mean for investors?
On the road
J.P. Morgan Elect on investment growth, income and cash. More information on J.P. Morgan investment trusts.
by Danielle Levy on Dec 12, 2013 at 09:03