FTSE 100 down on global growth concerns

The blue chip index edged down in early deals as investors fretted over US fiscal cliff concerns and Eurozone growth.

Buyout group Melrose was the biggest faller on the leading share index, shedding 13.69 per cent as it said it was facing slowing revenue trends. Utility firm Pennon firm 2.55 per cent, while steelmaker Evraz shed 2.26 per cent.

On the FTSE All-Share, rental company Lavendon fell 6.86 per cent, as it reported a one per cent rise in revenue over the third quarter.

City of London Investment Group, which focuses on emerging markets, fell 4.58 per cent.

Recruitment group Robert Walters fell 3.88 per cent, while Luxembourg-based Colt Group sank 3.24 per cent.

At the other end of the spectrum, credit card insurer CPP Group rose almost 10 per cent. Yesterday it said it would be hit with a £10.5m fine for mis-selling from the City watchdog.

Engineering services provider Bodycote added 4.77 per cent in early trading, as it said this morning revenue jumped 2.9 per cent.

Wolfson Microelectronics rose more than four per cent in early deals, while services company Serco increased more than three per cent as it said second-half trading was in line with expectations.

Finnish miner Talvivaara jumped 2.76 per cent.

UK banking shares were mainly in negative territory this morning. HSBC fell 0.77 per cent, RBS declined 1.03 per cent, Barclays fell 1.25 per cent and Lloyds Banking Group was flat in early deals.

In Asia the Nikkei closed up 2.2 per cent and in the US the Dow Jones closed down 0.23 per cent.