FTSE 250 FALLERS

The Asia-focused bank, which has risen 26 per cent over that period, slumped 24p to 762.7p after Investec said enough was enough, and it was time to stop buying the shares. Its analyst Ian Gordon, who downgraded the stock from buy to hold, still thinks Stan Chart is “slightly cheap” but sees “much clearer value elsewhere”.

He adds that despite a raft of downgrades from brokers, forecasts for revenues and earnings are still “far too high” and predicts they won’t grow again until 2017.

The end of markets’ minirevival mean it was back to status quo for battered stocks with exposure to China. Miners, which rely heavily on China’s demand for raw materials, put the brakes on the FTSE 100, which slipped 44.98 to 6,371.18, with thin trading volumes as there was not much of a second wind from Wall Street, where trading was muted with the banks closed for Columbus Day. Traders were nervous about the prospect of more Chinese data due this week.

Rolls-Royce was among the heaviest fallers, down 29.5p at 726p, on reports EU regulators could investigate the servicing contracts manufacturers have with airlines.

Construction firm Carillion advanced 11.8p to 313.5p as its update, in which it said it had secured contracts worth £1.7bn since June, reassured investors. Short-sellers have been betting heavily against the company ever since it abandoned hopes of a merger with Balfour Beatty last August. At the time, less than 2 per cent of its shares were out on loan to hedge funds betting on the share price falling. Just over a year on, it is the most shorted stock on the London Stock Exchange, with around 90 million or 19 per cent of its 430 million shares out on loan to short-sellers.

A profit warning saw investors hang up on Telit Communications, 66p worse off at 263p.

Meanwhile, oil minnow Sefton Resources slumped 0.03p to 0.02p as it revealed the broker it had hoped would take over as nominated adviser has now walked away from the role, putting its future on AIM in jeopardy.