The FTSE 100’s rally has proved to be short-lived, with the blue-chip index quickly falling back into the red.
Shares had started on the front foot this morning as markets took a breather after Monday’s sell-off. But lingering worries over Ukraine, coupled with some disappointing corporate results, mean the FTSE is now trading down 0.9pc.
Russian miner Polymetal International has tumbled 17pc, continuing its run of heavy losses since the invasion started last week.
Paddy Power and Betfair owner Flutter dropped 14pc after the war and a string of unfavourable sporting results dented its profits. This also dragged down rival Entain by 5.8pc.
Shell and BP, which have both announced plans to withdraw from Russia, weighed heavily on the index.
Losses are being capped by commodity firms including Rio Tinto and Anglo American. Meanwhile, AstraZeneca pushed higher on a deal to develop an experimental heart drug.
The fall is even more severe for the FTSE 250, which is down 1.2pc. Publisher Reach and miner Petropavlovsk posted the biggest declines.