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The FTSE 100 surrendered earlier gains to trade 0.3% lower at midday with the Bank of England delivering back-to-back interest hikes for the first time in 17 years.
The Bank upped rates to 0.5%.
Shell raised its dividend and announced an $8.5 billion share buyback programe after the oil major reported a jump in fourth quarter profit as surging energy prices bolstered performance. Its shares rose 1.89% to £19.69.
For the fourth quartter, adjusted earnings jumped 55% to $6.39 billion from $393 million a year earlier.
BT fell 3% to 189.5p after lowering its revenue outlook as the telecoms giant reported a fall in profit in the nine months through December as weakness in its global and enterprise businesses weighed on performance.
'As a result of the ongoing impact of Covid-19 and supply chain issues, we now expect adjusted revenue for FY22 to decline by around 2% compared with the prior year', the company said.
Gambling software company Playtech jumped 13% to 661.5p after announcing that it had granted a request from its second biggest shareholder TTB Partners seeking to lift restrictions that prevented it from making an offer for the company.
The company confirmed that it has given the requested consent to TTB, but added that there could no certainty as to whether this would result in an offer for the company.
Media platform Future fell 3.3% to £32.88 even as it reported that momentum continued in the four months through 31 Janaury, with strength in digital advertising offsetting softer performance in audience and ecommerce amid exceptional year-on-year comparators.
Professional services business JTC fell 1.4% to 777p after saying that it expected annual results to be line with expectations as new business wins bolstered performance.
For the year ended 31 December 2021, annualised value of new business won increased about 16% year-on-year basis to £20.9 million.
Manufacturing technologies services company Renishaw rose 6.7% £48.98 after reporting a jump in first-half profit as a 'record' level of demand underpinned revenue.
For the six months to 31 December 2021, pre-tax profit rose to £81.5 million from £63.9 million year-on-year as revenue increased to £325.2 million from £255.1 million.
Clinical stage oncology company Avacta gained 12.6% to 92.75 pafter announcing that its phase one trial of its cancer drug would advance to the next dose cohort following a positive review of the safety data.
Medical diagnostics company Omega added 15% to 10.95p after revealing that it had obtained the CE Mark for its COVID-19 antigen test for self-test use.
Virgin Wines slumped 23% to 153.5p after lowering its guidance on profit as labour shortages and rising costs dampened the growth outlook.
Due to the uncertain trading and macro environment, coupled with numerous headwinds in relation to increased cost pressure, the company said it now expected revenue and profit for the year ending June 2022 to be 'slightly below' consensus market estimates.