Two Gulf states that bought almost half of the London Stock Exchange last year were sitting on paper losses of up to £473m (€598m) this morning as the stock continued its five-month decline on renewed concerns over adverse market conditions and the rise of rivals.

Borse Dubai, a government-owned entity that operates the emirate’s two stock exchanges, would have lost £264m if it had offloaded its 20% holding at this morning's low-point of 949.5p. In September, the group paid US-based Nasdaq 1,414p per share for a 28% stake, which was subsequently diluted by the LSE's acquisition of Borsa Italiana.