(ShareCast News) - The FTSE 100 was down again on Wednesday, dropping 78.22 points (1.32%) to 5,843.79 by mid-afternoon.Standard Chartered plunged after Citi lowered its target price on the shares of Asia-focused and commodity-exposed lender. The broker described the lender's valuation at 0.5 times estimated 2016 price-to-tangible book value as "low" in the context of global banks.Despite that, they saw limited catalysts for the share price in the near-term until there was more visibility on its asset quality, both company specific and systemic, as well as on revenues. "We expect the 2H15 restructuring and ongoing uncertain Asian/EM macro environment to create revenue pressure in 2H15-16," Citi said in a research note. It also pointed out that Standard Chartered was a proxy for emerging market and commodities exposure, singling out the high correlation between its stock price and that of crude oil.Vodafone fell a day after the telco confirmed that it is in discussions with Liberty Global about the possible creation of a joint venture in the Netherlands that would incorporate both companies' local operating businesses."The discussions are ongoing and do not extend beyond the creation of a joint venture in the Netherlands," Vodafone said, adding that there is no certainty a deal will be agreed.The statement was in response to media speculation earlier in the day, after Bloomberg reported that the companies had resumed talks about possible asset swaps in Europe. Sources had told Bloomberg that the Netherlands, where Vodafone operates a mobile business and Liberty owns cable TV assets, would be a focus of the talks. Talks between Vodafone and Liberty were confirmed in June of last year but broke down in September as they remained deadlocked over how to successfully create value that both sides agreed was there.News that British Airways and Iberia parent International Consolidated Airlines Group's traffic and load factor rose in January didn't impress investors, with the stock dropping over 3%.Group traffic, measured in revenue passenger kilometres, was up 11.9% year-on-year to 17.3m, while the load factor, which gauges how many seats were taken up on flights, rose to 78.7% from 77%. Group capacity measured in available seat kilometres grew 9.4% while group premium traffic for January increased 2.1%. In addition, the company said British Airways will resume direct flights to Tehran in Iran from 14 July onward. The route will launch as a six-per-week service before moving to daily flights from winter 2016.Meanwhile Prudential gained some ground after Barclays and UBS played down reports the company would be hit by a clampdown on Hong Kong sales of insurance products from mainland China, which sent the shares tumbling 8% on Tuesday.A report from Bloomberg said China's foreign exchange regulator was tightening restrictions on purchases of insurance products overseas to stem money outflows from China, limiting overseas transactions on UnionPay debit and credit cards to $5,000 per transaction. Prudential's mainland China sales are mostly regular premium and therefore are unlikely to be materially caught by this change, UBS said.Barclays said they believe "the concerns are misplaced", with 96% of sales to mainland Chinese residents in Hong Kong expected to be well below the cap and Hong Kong representing only 10% of Asian and 3% of group earnings. "Furthermore, even in the worst case scenario, where insurance products sales in HK to mainland Chinese residents are completely banned, we anticipate Asia new business sales to recover by 2018."Investors were also happy with GlaxoSmithKline after the pharmaceutical company posted full year results showing revenues increasing 6% and core earnings per share down 15%, slightly ahead of guidance, and reiterated its confidence that earnings growth would return in 2016 at double-digit levels.The pension fund favourite said it will pay an 80p dividend for 2015 plus a special dividend of 20p, guiding towards payment of 80p dividends in 2016 and 2017. Group sales rose 6% to £24bn, or up 1% constant exchange rates, with a 7% fall in pharmaceuticals sales to £14.2bn mainly due to the disposal of the oncology business as part of the Novartis joint venture deal, offset by a 19% gain in vaccines to £3.7bn and 44% gain in consumer healthcare £6bn. Ignoring the oncology disposal, pro-forma turnover was down 1%, principally from the decline in Advair due to generic competition plus a 15% decline in sales of other established products, which was counterbalanced by growth in new products, particularly the 54% growth from HIV drugs Tivicay and Triumeq.FTSE 100 - RisersAnglo American (AAL) 261.50p 3.71%Prudential (PRU) 1,257.50p 3.29%Rio Tinto (RIO) 1,657.00p 2.44%Hikma Pharmaceuticals (HIK) 2,132.00p 1.77%GlaxoSmithKline (GSK) 1,441.00p 1.05%ARM Holdings (ARM) 988.00p 0.71%Glencore (GLEN) 83.63p 0.58%Antofagasta (ANTO) 366.70p 0.33%Worldpay Group (WI) (WPG) 311.30p 0.19%Burberry Group (BRBY) 1,170.00p 0.17%FTSE 100 - FallersStandard Chartered (STAN) 409.20p -5.43%Barclays (BARC) 165.05p -5.01%Aberdeen Asset Management (ADN) 223.80p -4.77%HSBC Holdings (HSBA) 447.55p -4.29%Rolls-Royce Holdings (RR.) 509.00p -4.23%Shire Plc (SHP) 3,721.00p -4.22%Royal Bank of Scotland Group (RBS) 231.10p -3.95%Vodafone Group (VOD) 213.05p -3.84%International Consolidated Airlines Group SA (CDI) (IAG) 520.50p -3.79%Schroders (SDR) 2,527.00p -3.59%
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