AAM shares fall by 2%

Shares in Aberdeen Asset Management (AAM) fell by 2% to £4.90 after the resumption of business on London’s Stock Exchange yesterday.

Their drop in value partly wiped out some of the gain made by the stock on the final day of trading in 2013.

AAM led the FTSE 100 Index risers’ board with a 3.1% advance on Hogmanay, helping the Footsie to its best annual gain in four years.

Yesterday, London’s main market was down 31.2 points, or nearly 0.5% at 6,717.9 following its strong end to the old year, which left experts wondering if it can break through the 7,000 barrier during 2014.

The first day of new year trading was hit by worries over China after survey data pointed to slowing factory activity, leading to falls among mining stocks.

Anglo American was the worst hit in the sector, down 28p to £12.92, while Rio Tinto fell 39.5p to £33.70.

Shares in FTSE 250listed Debenhams, which delivered a profit warning earlier this week, rose 3%, or 2.2 to 75.2p after it said chief financial officer Simon Herrick was leaving the department store chain.

There were also gains for FTSE 100 rivals, thanks to buoyant trading updates from John Lewis and House of Fraser.

John Lewis said like-forlike sales climbed 6.9% over the five weeks to December 28, while House of Fraser hailed its best ever Christmas with comparable sales up 7.3%.

Next lifted 80p to £55.30 ahead of a sales update todayandPrimarkparentAssociated British Foods added 43p to £24.88.

B&Q owner Kingfisher lifted 1.5p to 386.2p but the shine failed to rub off on Marks and Spencer, which was down 5.3p at 427.3p.