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The FTSE 100 recovered some of its earlier losses through the course of the day but still lacked the momentum it had enjoyed at the very start of 2022 on Thursday.
Investors reacted negatively to minutes from the US Federal Reserve overnight which hinted at faster interest rate rises. By midday the index was down 0.57% at 7,473,83.
Bakery chain Greggs was down 1.6% to £33.18 even as it upgraded its outlook on full-year performance and announced plans to pay a special dividend to shareholders following stronger sales.
The company also announced the appointment of Roisin Currie, currently Greggs retail and property director, as chief executive starting in May 2022.
Clothing retailer Next fell 1.3% to £79.33 despite upgrading its profit guidance for the year following stronger-than-expected sales in the run-up to the Christmas period, and announcing that it would be pay a further special dividend to shareholders in January.
Variety goods value retailer B&M European Value Retail was up 1.8% to 645.4p after upgrading its outlook on core earnings, driven by 'strong' Christmas performance.
Biotherapeutics company PureTech Health slipped 0.5% to 290.7p after results from a study showed that approximately 50% fewer subjects treated with its LYT-100 drug experienced gastrointestinal-related adverse events compared to subjects treated with pirfenidone.
Marketing firm M&C Saatchi jumped 7.4% to 203p after confirming recent press speculation that it has received a preliminary approach from AdvancedAdvT relating to a possible offer for the company.
Games entertainment company Team17 added 4% to 801p after upgrading its outlook on revenue and adjusted earnings following above trend performance in the second half of the year. Revenue and adjusted earnings before interest, taxes, depreciation, and amortisation, or EBITDA, for FY 2021 would be ahead of management's expectations and ahead of FY 2020, the company said.
Team17 said in a separate statement that it had acquired The Label, a USA based indie publisher specialising in mobile subscription games content, for up to $40.0 million.
Spirits maker British Honey Company was up 0.4% to 115p after reporting annual sales that topped its guidance sales, driven by 'strong' demand. For the 12 month period to 31 December 2021, sales was ahead of expectations, which were now expected to be not less than £8.4 million, the company said.