Continued uncertainty over economic prospects in Europe and the US kept the FTSE 100 Index under pressure today as the blue-chip index closed down 44.3 points at 5,677.8.
Oil giant BP was in the spotlight on the London market after it agreed a record £2.8billion settlement with US authorities for claims relating to the Deepwater Horizon disaster.
The operator dropped 0.4p to 425.4p after the agreement announcement, but shares had been higher earlier in the session as investors saw the deal removing some of the uncertainty hanging over the stock since the disaster.
Retailers suffered more big share price losses after the Office for National Statistics reported a drop of 0.8% in sales volumes for October.
Marks & Spencer was down 2% or 7.8p to 370.6p, while B&Q owner Kingfisher was off 7.6p to 275.4p and Sainsbury’s fell 5.8p to 333p.
Outside the top flight, fashion brand Ted Baker bucked the gloomy trend by reporting good UK trading and continued growth in the business overseas. Shares were up 9p to 970p in the wake of the update.
Centrica shares were down 1.8p at 316.5p, even though the company said it remained on track to meet City forecasts for profits of around £1.4billion this year.
The biggest FTSE 100 risers were Evraz up 8.1p to 225.5p, Royal Bank of Scotland ahead 4.5p to 282.2p, Xstrata 10.3p higher at 958p and Kazakhmys up 6p to 667p.
Among the biggest FTSE 100 fallers were Pennon Group down 41.5p to 628.5p, Wood Group off 49.5p to 790.5p, Resolution 9.5p lower at 230p and Amec down 36p to £10.20.
Barry Shepherd, of investment manager and financial planning specialist Brewin Dolphin in Aberdeen, noted that the day’s fallers included Aggreko which lost 1.9% to £20.96, while Hunting dropped 2.6% to 725.5p.
Risers included BG Group, which added 0.3% to 1,017.5p, and Bridge Energy finished 2.1% higher at 123.5p.
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