This website uses cookies so that we can provide you with the best user experience possible. Cookie information is stored in your browser and performs functions such as recognising you when you return to our website and helping us understand which sections of the website you find most interesting and useful. See our Cookie Policy for more information.
Strictly Necessary and Functional
These cookies are used to deliver our website and content. Strictly necessary cookies relate to our hosting environment, and functional cookies are used to facilitate social logins, social sharing and rich-media content embeds.
Advertising
Advertising Cookies collect information about your browsing habits such as the pages you visit and links you follow. These audience insights are used to make our website more relevant.
Performance
Performance Cookies collect anonymous information designed to help us improve the site and respond to the needs of our audiences. We use this information to make our site faster, more relevant and improve the navigation for all users.
Pharma & Biotech
Coronavirus
Cannabis
Battery Metals
Psychedelics
Pharma & Biotech
Coronavirus
Cannabis
Battery Metals
Psychedelics
16:21 Fri 10 Mar 2023
Follow Philip on:
Amati Global Investors chief on his musical roots and how his collaborative approach has bred success
Technology-focused trusts and UK banks were among those in the firing line as investors took fright over the share price collapse of Silicon Valley Bank.
Scottish Mortgage hit its lowest point in nearly three years reflecting its portfolio laden with a plethora of US tech giants..
Shares tumbled 6% today 6% to 672.4p, the lowest it has been since May 2020.
In comparison, the tech-laden Nasdaq was down 0.91% to 11,235 in early trading.
Peer Allianz Technology Trust was also under the cosh shedding 5% to 231p, with banks also suffering on worries about what SVB’s problems might mean for the critical interbank market.
Lloyds Banking fell 3.7%, HSBC Holdings PLC (LSE:HSBA) by 5.4%, Barclays (LSE:BARC) by 4.9% and NatWest by 3.5%.
Insurers were also knocked with Prudential (LSE:PRU) down 4% and Legal & General 4% lower.
Across the pond, investors wiped US$52.4bn off the market value of the four largest US banks by assets on Thursday amid a widespread sell-off of financial stocks that analysts linked to investor fears over the value of lenders’ bond portfolios.
JPMorgan Chase, Bank of America, Citigroup and Wells Fargo rallied today on hopes that the difficulties at SVB would be contained as it had put itself up for sale.
On Wednesday, SVB revealed it had lost roughly US$1.8bn following the sale of a portfolio of securities valued at US$21bn, which it offloaded in response to a decline in customer deposits.
The losses prompted the bank to announce a share sale to shore up its capital position though this has subsequently been cancelled.
The haircut on the sale of the SVB securities shifted investor attention to the risks that might be lurking in the huge bond portfolios held by other US banks, spooking investors in lenders globally.
Add related topics to MyProactive
ProactiveInvestors is a publisher. You understand and agree that no content in this record or published on ProactiveInvestors’ website (the “Site”) constitutes a recommendation that any particular security,…
Sign up to receive alerts and news direct to your inbox
Proactive research analyst Halicioglu speaks to Thomas Warner after publishing a new report on Alpha Financial Markets Consulting PLC (AIM:AFM), following the release of a trading update for FY2023. Halicioglu also highlights a change of chief executive officer at the company. Click here…
Prev article
Next article
Only registered members can use this feature.
or
© Proactive Group Holdings Inc, 2023
Proactive Investors Limited, trading as “Proactiveinvestors United Kingdom” is registered in England with the Company Registration number 05639690. Group VAT registration number 872070825. You can contact us here.
Market Indices, Commodities and Regulatory News Headlines copyright © Morningstar. Data delayed 15 minutes unless otherwise indicated. Terms of use.