London’s blue chips struggled to shrug off rouble volatility as the Russian currency continued to fluctuate wildly.
FTSE 100 was down 40 points in early deals retracing some of yesterday’s gains that saw the index close up 2.4% at 6,331.
Russia’s finance ministry has started selling foreign currency reserves to prop up the rouble, adding to major price swings as the price of oil showed no signs of picking up.
Brent crude stayed below US$59 a barrel after slipping below the $60 mark yesterday for the first time since July 2009.
Shares in BHB Billiton (LON:BLT) were down 13p to 1,305 as Deutsche Bank and Liberum Capital both put out downgrades on the stock.
Dixons Carphone (LON:DC.) was one of the few FTSE 100 stocks rising after maiden interim results.
The newly merged group saw like-for-like revenues rise by 5% alongside a bullish outlook that indicated savings of £80mln would come through earlier than expected.
On AIM, Hightex (LON:HITG) saw its shares shoot up 160% after German courts approved bankruptcy protection for its subsidiary, Hightex GmbH.
EFK Diagnostics (LON:EKF) wasn’t doing so well as it said final results will fall below expectations. Shares dropped 17% to 22p.