London’s FTSE 100 was down 0.3% at 7,588.58 in afternoon trade on Wednesday.
Banks were on the back foot, with StanChart, Lloyds, HSBC and Barclays all lower.
Precious metals miners Polymetal and Fresnillo both shone as gold prices rose.
Oanda analyst Craig Erlam said: “Gold is trading a little higher again today and above $1,850 where it has dipped below over the last 24 hours. This is the first big test of support, with it having been a major barrier of resistance in January. If it can hold above here, we could see it target yesterday’s highs again in the coming days and weeks even as the risk of a Russian invasion declines.
“The yellow metal continues to be supported by rapidly rising inflation even as markets price in more and more rate hikes from central banks. Another above-consensus reading from the UK this morning shows the trend is not improving as we near the peak over the next couple of months. Gold could remain well supported for a while yet.”
FTSE 100 – Risers
Polymetal International (POLY) 1,172.50p 3.81%
Dechra Pharmaceuticals (DPH) 3,990.00p 2.68%
Fresnillo (FRES) 656.00p 2.05%
Anglo American (AAL) 3,562.00p 1.31%
SSE (SSE) 1,572.50p 1.16%
SEGRO (SGRO) 1,275.00p 1.11%
British Land Company (BLND) 543.40p 0.74%
BP (BP.) 400.25p 0.73%
Land Securities Group (LAND) 799.80p 0.55%
Smurfit Kappa Group (CDI) (SKG) 4,061.00p 0.52%
FTSE 100 – Fallers
Royal Mail (RMG) 428.60p -2.12%
Compass Group (CPG) 1,777.50p -2.04%
Ocado Group (OCDO) 1,335.50p -2.02%
Pearson (PSON) 618.20p -1.87%
Standard Chartered (STAN) 542.40p -1.74%
Lloyds Banking Group (LLOY) 51.76p -1.65%
Whitbread (WTB) 3,173.00p -1.61%
HSBC Holdings (HSBA) 545.90p -1.60%
Barclays (BARC) 195.34p -1.57%
Diageo (DGE) 3,623.50p -1.55%
