(MENAFN- ProactiveInvestors) FTSE100 continued its decline on the first trading day of 2015 ending the afternoon session down over 21 points at 6544.
It was prompted by weak manufacturing data from the UK and Europe which had brought the New Year party to an abrupt end.
Banking group RBS () was among the losers as it saw shares go 1.34% lower.
It comes as a Times newspaper report revealed the taxpayer backed banking giant could face fines of over £5bn over its sale of mortgage debt in the US according to people familiar with the situation.
On the other hand Lloyds () shares added 0.44% as it received an upgrade from City firm which went to ‘buy’ from ‘hold’ on the black horse bank.
It believes the threat posed by a potential government sale of shares is factored into the current price which has fallen 12.5% in the past year.
“We think 2015 heralds lower conduct costs and greater predictability of (recovering) underlying earnings” said analyst Ian Gordon.
Official stats showed manufacturing growth last month in the UK slowed to a three month low as production and new orders weakened. The picture was equally as weak in the Eurozone.
Also dampening sentiment was news that UK mortgage approvals dropped in November for the fifth month in a row although the rate of decrease had slowed according to the Bank of England.
One of the notable gainers however in London was outsourcer Quindell ().
Never far from the headlines in recent weeks the group's shares gained almost 19% as it confirmed it was in discussions to sell an operating division in order to raise some cash.
Small cap mining firm () rose 40% while Amedeo Resources () the AIM quoted investment firm added 11.11%.
() shares added almost 9% as it passed a significant milestone- revealing its hydro-power associate has received its commercial operations certificate for a 5.3 megawatt hydroelectric plant in Peru.
has a 93% indirect interest in the Empresa de Generacion Electrica Canchayllo subsidiary which formally entered service under its power purchase agreement on 31 December 2014.
The company last week told investors it was working to finalise a partial sale of its interests in South America.
Meanwhile () shares eased almost 4% as it decided to exit its onshore Morocco venture after failing to secure a partner before the expiry of a licence option on December 31 2014.
The company opted against exercising its option over the Tendrara Lakbir licence.
Chief executive Carol Law said the current market conditions for oil companies had “severely hindered” Fastnet’s ability to attract partners for the project.
Other notable risers today included Golden Saint Resources () up 9.24% and Cambria Africa () which went over 22% higher.
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