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The FTSE 100 was down 0.5% to 7,570.50 by midday on Tuesday amid rising bond yields and mounting fears over inflation with oil at its highest level since 2014.
The UK unemployment rate fell unexpectedly to 4.1%, down from 4.2%, amid a hefty fall in the claimant count, according to the latest data from the Office for National Statistics.
Mining titan Rio Tinto edged back 0.2% to £53.82, having reported a fall in annual and fourth-quarter production across all of its commodities, as the pandemic disrupted its operations.
Iron ore production in the three months through December fell 2% year-on-year to 84.1 million tonnes, bringing the annual fall to 4%.
Quarterly and annual output also fell for bauxite, aluminium, copper and titanium.
Online gambling group 888 reversed 1.9% to 263.4p on announcing its annual revenue had risen 14%, despite a 16% drop off in the fourth quarter blamed on regulatory impacts and an exit from the Netherlands.
888's revenue for the year through December had increased to $972 million, driven by rises in the UK, Italy, Romania and Portugal, partially offset by a decline in Germany.
Online beauty products retailer THG, known as The Hut Group, slumped 4.9% to 176.46p as its annual sales rose 35%, though it forecast lower growth in the current year.
THG said it expected revenue growth in 2022 to slow to between 22% and 25% on a constant currency basis. It also warned of a margin miss due to adverse currency movements.
Oil company Energean added 1.8% to 932.5p after its annual underlying operating earnings almost doubled, as it boosted production and it realized all-time high gas prices in Italy.
Energean said the Karish development in Israel remained within budget and was on track to deliver first gas by the third quarter of 2022, contributing to higher forecast overall output in 2022.
Speciality chemicals company Elementis rose 1.5% to 136.7p, having forecast a small annual earnings beat as revenue grew and it navigated supply chain pressures.
Elementis's adjusted operating profit for the year through December was expected to be in the range of $105 million to $107 million, modestly ahead of expectations of around $104 million.
Defence technology group QinetiQ advanced 2.8% to 278.5p after it affirmed its annual earnings guidance, as it recorded 'strong' results in the third quarter of its financial year.
QinetiQ said it continued to achieve 'excellent' order intake, with orders now at more than £900 million, and revenue, operating profit and cash flow in line with expectations.
Property investor LXi REIT shed 3.8% to 146.65p after it launched a share issue to raise £125 million to spend on its acquisitions pipeline.
New shares in the company were being issued at 142p each, representing a 6.8% discount to their last closing price of 152.4p.
Retirement income specialist Just Group jumped 8.7% to 93.68p on announcing that its annual retirement incomes sales jumped by a quarter and that it expected to achieve 'further profitable growth' in 2022.
Retirement income sales for the year through December increased to £2.67 billion, up from £2.15 billion year-on-year.
Landscaping products manufacturer Marshalls climbed 2.4% to 704.79p as it nudged up its annual earnings guidance after a 26% rise in sales helped offset rising cost pressures.
Marshalls said it was revising its trading expectations for the year through December to be 'slightly ahead' of its previous view.
Upmarket chocolate maker Hotel Chocolat firmed 0.4% to 512.1p, having bumped up its annual earnings guidance after its first-half revenue jumped 40%.
The company was now expecting trading to be 'marginally ahead' of management's expectations for the current financial year.