The FTSE 100 stayed down all afternoon, dropping 1.6% as of 2.45pm, with every sector following suit.
BT Group was the biggest loser, down 8.08% off the back of news its results for the third quarter dropped 81%. It also issued the fourth profits warning in the space of six months.
Meanwhile, Rio Tinto was also down 7.82% after announcing a 7% fall in 2008 profits. It has also been affected by the news it is accepting a $19.5bn investment from Chinese state-owned Chinalco.
However, medical device maker Smith & Nephew managed to push ahead into the black this afternoon, after announcing its full-year sales met expectations. It was trading up 5.95%, or 30.5 points, to 543.50p.
Other stocks in positive territory included building materials group Wolesley and inter-dealer broker ICAP, up 4.95% and 3.95%, respectively.
Basic materials and energy led the worst performing sectors, down 5.74% and 2.36%, respectively.IFAonline
Q2 net sales dropped almost 50%
‘Important to have an anchor’
Lack of innovation for solutions
Some 2,000 consumers affected