Source: Sharecast
The FTSE 100 was down 1% at 7,387.43.
Neil Wilson, chief market analyst at Markets.com, said: "The dreadful situation [in Ukraine] gets worse as heavy shelling of built-up areas shows us what is to come. Talks yesterday didn’t get far but the two sides have agreed to try again as a massive Russian convoy starts to encircle Kyiv. Bombing of civilians will harden Western public opinion against Russia - voters are already taking a pretty hard line across Europe. Unified public opinion complicates matters for governments who might prefer to base policy solely on the advice of their military intelligence and strategic advisors. But that is the way of things.
"For markets, this means the question of direct sanctions on oil and gas exports from Russia is a matter of when not if. Canada has already unilaterally banned Russian oil imports, though these are microscopic compared to Europe’s appetite for Russia’s crude and natural gas. Talk of a Nato-enforced no-fly zone needs to be ignored - who really wants the RAF to shoot down Russian jets and risk WW3? The problem of public opinion again..."
In equity markets, Anglo-Russian precious metals miner Polymetal and Russian steelmaker Evraz tanked again. On the FTSE 250, gold miner Petropavlosk - which has operations in Russia - and iron ore pellet producer Ferrexpo also suffered heavy losses.
Paddy Power owner Flutter Entertainment was a big loser as it said underlying annual profit fell as the gambling group was hit by a string of punter-friendly sporting results in the UK and Ireland.
Asset manager Abrdn was weaker even as it said annual profit rose and posted higher full-year revenue for the first time since it was formed from a merger in 2017.
Daily Mirror publisher Reach slid after it said higher newsprint inflation would result in a drop in 2022 operating profit.
On the upside, defence company BAE Systems was the standout gainer on the FTSE 100 for obvious reasons, while miners rose as metals prices advanced.
AstraZeneca pushed up after it and Swiss biotechnology firm Neurimmune agreed to develop an antibody-based therapy for a rare, underdiagnosed condition that leads to heart failure in a $760m deal.
Rotork also gained even as the engineering group reported a fall in annual profits.
Market Movers
FTSE 100 (UKX) 7,387.43 -0.95%
FTSE 250 (MCX) 20,770.50 -1.47%
techMARK (TASX) 4,381.66 -1.27%
FTSE 100 - Risers
BAE Systems (BA.) 739.20p 2.72%
Pearson (PSON) 662.80p 2.28%
Severn Trent (SVT) 2,930.00p 1.88%
Rio Tinto (RIO) 5,883.00p 1.59%
United Utilities Group (UU.) 1,091.00p 1.54%
AstraZeneca (AZN) 9,182.00p 1.36%
Sage Group (SGE) 711.40p 1.22%
Anglo American (AAL) 3,867.00p 1.15%
BT Group (BT.A) 187.90p 0.89%
Antofagasta (ANTO) 1,528.00p 0.46%
FTSE 100 - Fallers
Polymetal International (POLY) 269.30p -23.32%
Evraz (EVR) 124.60p -13.92%
Flutter Entertainment (CDI) (FLTR) 9,348.00p -13.40%
Coca-Cola HBC AG (CDI) (CCH) 1,788.00p -6.09%
Entain (ENT) 1,603.00p -4.81%
Barratt Developments (BDEV) 582.00p -4.75%
Abrdn (ABDN) 197.00p -4.69%
Aveva Group (AVV) 2,395.00p -3.82%
Melrose Industries (MRO) 142.70p -3.74%
St James's Place (STJ) 1,351.00p -3.74%
FTSE 250 - Risers
Harbour Energy (HBR) 415.80p 4.42%
Centamin (DI) (CEY) 103.05p 3.88%
Rotork (ROR) 315.40p 2.20%
Capital & Counties Properties (CAPC) 169.60p 2.11%
Mediclinic International (MDC) 335.80p 2.07%
Darktrace (DARK) 450.80p 1.90%
Pennon Group (PNN) 1,053.00p 1.25%
Biffa (BIFF) 329.00p 1.23%
Workspace Group (WKP) 783.00p 1.23%
Currys (CURY) 94.90p 1.06%
FTSE 250 - Fallers
Petropavlovsk (POG) 6.00p -25.00%
Reach (RCH) 175.40p -22.90%
XP Power Ltd. (DI) (XPP) 3,980.00p -8.29%
Bridgepoint Group (Reg S) (BPT) 311.50p -7.98%
Liontrust Asset Management (LIO) 1,416.00p -6.47%
Ferrexpo (FXPO) 158.50p -6.21%
Aston Martin Lagonda Global Holdings (AML) 961.60p -6.00%
Cineworld Group (CINE) 37.77p -5.83%
Baltic Classifieds Group (BCG) 146.00p -5.81%
Genus (GNS) 3,096.00p -5.61%
