City Watch

More fears over Far East fall-out dominated the stock market in early trading this week. On Monday the FTSE 100 index closed down 65.3 at 4990.03, its lowest closing level since last December. The FTSE 250, meanwhile, dropped 93.7 to 4553.1. Engineering giant Siebe led the way down, closing down 1.5p at 180p its lowest […]

More fears over Far East fall-out dominated the stock market in early trading this week. On Monday the FTSE 100 index closed down 65.3 at 4990.03, its lowest closing level since last December. The FTSE 250, meanwhile, dropped 93.7 to 4553.1.

Engineering giant Siebe led the way down, closing down 1.5p at 180p its lowest closing level for 12 months. The shares are now 40% below their level at the AGM during the summer.

Wellington Holdings put out a profit warning and prompted a 33p fall in its shares to 102.5p.

Military vehicles builder Alvis benefited from speculation of US interest in the company, climbing 13p to 281.5p.

Rolls-Royce shares lost 3p to 190p, in line with the market, after it announced plans to sell its materials handling business, or farm it out to a joint venture.

Shares in TransTec, the Midland engineer 16% owned by paymaster general Geoffrey Robinson, plummeted 20% to 51.5p after it warned that rescheduling by car manufacturers would hamper full-year growth prospects.

Chief executive Richard Carr said he thought the market had over reacted, but added that if the shares’ rating just six times prospective earnings did not pick up within 12 18 months, he would have to consider options such as delisting the business from the stock exchange.