Fresh fears about the Spanish economy and slowing consumer spending in the US saw world markets finish April in the red today.
The FTSE 100 Index was down 39.3 points at 5,737.8 after figures revealed the Spanish economy shrank 0.3% over the three months to the end of March, confirming its second recession in three years.
The uncertainty hit some financial stocks with investment management firm Man Group falling 3% or 3.5p to 103.5p ahead of its first quarter results tomorrow. Man’s stock has fallen around 20% since the start of the year.
Aberdeen Asset Management rose to the top of the FTSE 100 however after its interim results were well received.
Shares were 9.5p higher at 283.5p after it reported a rise in assets under management increased to £184.7billion from £181.2billion in the first half of the year.
Retail stocks came under pressure after investment bank Morgan Stanley cut its rating on the sector to “in line” from attractive. Marks & Spencer fell 4.1p to 357p, while Next was down 29p at £29.29.
Gold miner Randgold Resources was the biggest top flight faller, dropping 190p to £54.25, after Nomura cut its recommendation to reduce.
On the FTSE 250 Index, transport group Stagecoach dropped 1% on after it unveiled an alliance with Network Rail. Shares lost 2.6p to 248p.
The biggest Footsie risers included Polymetal International ahead 21p at 915p, British Sky Broadcasting up 10.5p at 678p, and Burberry ahead 16p at £14.85.
Among the biggest Footsie fallers were Fresnillo off 53p at £15.60 and Capita off 22p at 663p.
David Barclay, of investment manager and financial planning specialist Brewin Dolphin in Aberdeen, noted that risers included Faroe Petroleum, which added 2.32% to 177.125p, while Parkmead Group rose 2.03% to 18.625p.
Fallers included First Group which shed 3.04% to 194.45p and Weir Group which softened 2.01% at £17.05.