London open: Sell-off continues as UK stocks fall

The selling pressure continued on Friday morning as UK stocks opened at their lowest levels over the year, with ongoing concerns about the global economy sparking further volatility across equity markets.

The post-Federal Reserve minutes bounce proved short-lived on Thursday, as early gains were quickly erased and the FTSE 100 fell 0.8% to its worst close of 2014 at 6,431.85.

The Footsie was down a further 0.5% at 6,400 on Friday morning, on track to finish the week down 2%.

"European markets look set to post their third weekly decline in a row as concerns about German and European economic growth continue to erode risk appetite, and send investors scurrying for the exits," said analyst Michael Hewson from CMC Markets UK.

Economic data will be in focus on Friday with UK trade figures expected at 09:30. The Office for National Statistics expected to announce the total trade balance - the difference between exports and imports of British goods and services - to be -£3,000, slightly up from July's -£3,348.

Figures for trade balance excluding the EU, an indicator of Britain's trade with countries outside of Europe, are also due to be published, with analysts expecting a reading of -£4,000, up from -£4,345 last month.

Tullow Oil disappoints with well update

Oil and gas group Tullow Oil was in the red early on after the company said that the Sputnik-1 well on its part-owned Arouwe block offshore Gabon has found "non-commercial" hydrocarbons.

Mining stocks were pulling back after a strong performance the previous session as metal prices gave up recent gains. Anglo American, Antofagasta and Fresnillo were among the worst performers early on.

Vedanta Resources were also under the weather after giving a mixed production update for the second quarter.

British American Tobacco was trading lower after Goldman Sachs cut its rating on the cigarette maker to 'sell'.

Utility services group Telecom Plus was on the advance after saying it is happy with market expectations for the full year after strong organic growth in the first half. Increases in customer and service numbers accelerated further during the second quarter.

Market Movers
techMARK 2,680.20 -0.67%
FTSE 100 6,400.24 -0.49%
FTSE 250 14,669.20 -0.96%

FTSE 100 - Risers
Admiral Group (ADM) 1,265.00p +0.48%
Unilever (ULVR) 2,553.00p +0.47%
SABMiller (SAB) 3,311.00p +0.41%
Royal Mail (RMG) 403.20p +0.32%
Aberdeen Asset Management (ADN) 394.40p +0.28%
WPP (WPP) 1,167.00p +0.26%
RSA Insurance Group (RSA) 464.10p +0.24%
National Grid (NG.) 878.00p +0.23%
Standard Life (SL.) 390.90p +0.23%
British Land Co (BLND) 679.50p +0.22%

FTSE 100 - Fallers
Carnival (CCL) 2,203.00p -2.87%
Tullow Oil (TLW) 555.00p -2.80%
Anglo American (AAL) 1,319.50p -2.69%
Ashtead Group (AHT) 914.50p -2.61%
Fresnillo (FRES) 752.00p -2.34%
Hargreaves Lansdown (HL.) 901.00p -2.33%
Randgold Resources Ltd. (RRS) 4,202.00p -2.23%
Antofagasta (ANTO) 671.50p -2.11%
Aggreko (AGK) 1,445.00p -1.97%
Sports Direct International (SPD) 578.50p -1.87%

FTSE 250 - Risers
Alent (ALNT) 335.00p +4.26%
Telecom Plus (TEP) 1,290.00p +2.71%
COLT Group SA (COLT) 127.20p +1.60%
Paragon Group Of Companies (PAG) 326.70p +0.86%
Hochschild Mining (HOC) 120.00p +0.84%
esure Group (ESUR) 221.20p +0.59%
Fidelity European Values (FEV) 146.80p +0.55%
UDG Healthcare Public Limited Company (UDG) 319.20p +0.54%
NB Global Floating Rate Income Fund Ltd GBP (NBLS) 96.65p +0.52%
Kennedy Wilson Europe Real Estate (KWE) 1,055.00p +0.48%

FTSE 250 - Fallers
Vedanta Resources (VED) 860.00p -6.88%
CSR (CSR) 678.00p -5.37%
Afren (AFR) 99.90p -4.77%
Soco International (SIA) 339.90p -4.52%
EnQuest (ENQ) 86.30p -4.22%
Fenner (FENR) 286.10p -4.22%
African Barrick Gold (ABG) 199.70p -3.62%
Ferrexpo (FXPO) 88.80p -3.48%
Ophir Energy (OPHR) 204.10p -3.41%
BlackRock World Mining Trust (BRWM) 368.90p -3.35%