Stimulus measures from central banks across the world failed to trigger a meaningful rally for FTSE 100 Index today.
The Bank of England pumped another £50 billion into the UK economy, while interest rates in the eurozone and China were cut, but the measures only served to fuel fears about the strength of the global economy.
London’s main market was up 8.2 points at 5,692.6, with banks down as much as 3%.
Royal Bank of Scotland was the biggest faller, off 3% or 7.3p at 207.2p, while Lloyds Banking Group fell 0.8p to 30.8p.
Barclays saw its credit rating outlook downgraded by agency Moody’s to reflect concerns over Bob Diamond’s resignation as chief executive.
But shares in the embattled bank rose 2.2p to 168.2p as it regained some of its recent hefty falls.
Heavily weighted miners had a mixed session, making gains and then surrendering them again in the wake of the Chinese rate cut.
Evraz was among the Footsie’s biggest fallers, down 8.7p to 257.8p, but Xstrata ended the session up 25p ato 845.8p.
Embattled insurance giant Aviva pushed higher, up 3.2p at 284.6p after it unveiled a major sell-off plan as part of a broader turnaround.
Engineering group GKN was up 13%, or 24.4p to £2.11 after it bought the aero engine division of Sweden’s Volvo for £633million.
Outside the top flight, Cineworld shares fell nearly 1%, or 1.5p to £2.08 after the UK’s largest cinema operator revealed a decline in admissions in the first half of its financial year.
Alan MacPhee, of investment manager and financial planning specialist Brewin Dolphin in Aberdeen, highlighted Plexus Holdings up 4.87% to 127.75p, Stagecoach Group rising 1% to £2.75 and BP up 0.85% at 434.2p as well as FirstGroup off 3% at 213.3p.