Taking its cue from weak Asian markets overnight the FTSE 100 is under renewed pressure this morning – down 33.40 points to 6516.90.
China's Shenzhen CSI 300 index sheds 6.2% overnight, leading to another big sell-off at Fidelity China Special Situations (FCSS). Headed up by fund manager Dale Nicholls, the investment trust slides 4.9% to 128p. Its largest investment is China media, entertainment and internet service provider Tencent (0700:HK), which dropped 1.9%.
Oil services firm Wood Group (WG.) slips 2.2% to 566.5p as interims demonstrate the gravity of the impact of lower commodity prices. The company is cutting 5,000 jobs as pre-tax profits drop 31% year-on-year to $160.2 million.
Mid cap oil play Cairn Energy (CNE) drops 2.85% to 150p - as any excitement over Senegalese drilling plans is overshadowed by a wider than expected first half loss of $230 million. Much of this can be attributed to a big writedown on the value of its Cairn India asset.
Drug researcher Cyprotex (CRX:AIM) advances 4.6% to 56.5p on pre-tax losses narrowing in the six months to the end of June as the investment in its testing services business starts to pay-off. It lost £380,000 compared to £420,000 a year ago. Management expect a strong second half.
Car retailer Marshall Motor (MMH:AIM), which joined AIM in April, is marked up 4.6% to 194.5p on strong maiden interims and a confident outlook statement. CEO Daksh Gupta reports a 9.8% taxable profits gain to £10.5 million driven by organic growth and recent acquisitions, while like-for-like new car sales were up 5.9%.
DekelOil (DKL:AIM), operator and owner of a palm oil project in Ivory Coast, cultivates a 2.9% gain at 1.08p on its acceptance as an approved supplier to a World Bank-backed palm oil industry project in the West African nation. For more on the micro cap's growth story, read our plantations sector feature from June here.