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By midday the FTSE 100 had given up its earlier gains to trade 0.15% lower at 7,326.03 as investors were spooked by risks associated with Omicron.
Rolls-Royce upgraded its outlook on cash flow following improved trading performance and cost cuts. Its shares fell 3% to 125p thanks to its exposure to a travel sector which is vulnerable to the new strain of Covid.
Public transport group operator Go-Ahead plunged 22% to 538.25p after admitting that it had made 'serious errors' in the operation of the Southeastern rail franchise , which was taken over by the Government in October.
Transport company Firstgroup reported wider losses in the first half of the year, as higher financing costs offset a rise in revenue amid improving passenger numbers. Its shares fell 5% to 96.5p.
Packaging group DS Smith reported a jump in profit as revenue was bolstered by higher volumes and an increase in selling prices. Its shares were up 1.2% to 385.6p.
Frasers, formerly Sports Direct, reported sharp rise in first-half profit as the strong reopening of stores following the easing of pandemic restrictions led to sharp rise in sports retail revenue. Its shares were up 2% to 722.5p.
Pharmaceutical giant AstraZeneca said its single dose antibody combination treatment to prevent COVID-19 symptoms before virus exposure received emergency use in the US. It ticked up 0.8% to £83.48.
Watches of Switzerland reported profit that more than doubled in the first half of the year, driven by ongoing strong demand for luxury watches and jewellery. It ticked up 1.1% to £14.70.
Moonpig lifted its annual guidance on revenue on expectations despite a slump in first-half profit as the internet-based business forecast customer purchase frequency to remain above pre-pandemic levels. It gained 5.9% to 379.2p.
Infrastructure group Balfour Beatty said it was on track to deliver 2021 performance in line with pre-pandemic levels, and added that it would target a share buyback programme of at least £100 million in 2022. It advanced 2.9% to 254.4p.