The FTSE 100 opened down this morning, losing yesterday’s strong gains, as concerns over the health of the European economy and whether Spain might apply for financial help weighed on sentiment.
A mixed bag made up the loserboard. Property group LSL Property led the fallers, shedding 4.61 per cent in early deals.
Intellectual property firm IP Group fell 3.75 per cent, while broadcasting firm The Vitec Group fell 2.78 per cent.
Bank of Georgia, the country’s only foreign-listed stock, dropped more than two per cent in early trading.
Property investment company Invista European pared back yesterday’s gains as it fell almost two per cent. Yesterday it welcomed a new director.
Chipmaker Arm Holdings was a big faller on the large-cap index, dropping 1.79 per cent.
With regard to the leaderboard, Babcock rose 3.2 per cent on the FTSE 100 this morning, on the back of a strong trading update.
Other leaders on the FTSE All-Share included Lonrho, which added five per cent, and marketing group St Ives, which was up 4.7 per cent as it reported a 10 per cent jump in annual revenue.
Randgold Resources and Aquarius Platinum also jumped this morning, up 2.48 per cent and 2.34 per cent respectively.
Home shopping group Findel was up 3.29 per cent in early trading, as it prepares to release its results tomorrow.
UK banks struggled this morning. In early trading HSBC was down 0.83 per cent, RBS fell 2.79 per cent and Barclays was off by 1.39 per cent. Only Lloyds Banking Group managed a rise, up 1.2 per cent.
In Asia, the Nikkei closed 0.12 per cent down, while in the US the Dow Jones closed 0.58 per cent up.