UK investors booked profits following a strong run in many large cap stocks since the start of 2018, resulting in the FTSE 100 falling by 0.4% to 7,725.
The biggest blue-chip fallers included Royal Bank of Scotland (RBS), down 1.3% to 294.8p, and Vodafone (VOD), which ticked 1.5% lower to 227.6p.
Royal Dutch Shell (RDSB) was also weaker, dipping 0.8% to £25.68.
Brent crude oil advanced 0.4% to $69.44 per barrel. Copper cheapened 1.2% to $3.16 per pound.
Wall Street bounced back from Tuesday's sell-off thanks to gains in technology stocks.
The Dow Jones enjoyed a 0.6% uplift to 25,947 around 4:45pm UK time.
MID AND LARGE CAP RISERS AND FALLERS
Rolls Royce (RR.) said it was evaluating strategic options for its Commercial Marine operation and to reduce its operating business to focus on civil aerospace, defence and power systems. Shares in the firm drove 5.4% higher to 900p.
Events business Informa (INF) announced a takeover offer for media firm UBM (UBM) pitched at a 30% premium to Monday's closing price. Informa dropped 5.7% amid suggestions that it was paying too much for the business.
Drax (DRX) sparked 4.3% to 289.8p on news it would convert a fourth unit to biomass in response to a new UK Government consultation.
Elsewhere, publisher Pearson (PSON) fell 4.6% to 685p as concerns over academic textbook demand overshadowed a stronger than expected operating profit.
Luxury fashion company Burberry (BRBY) was in the spotlight after retail sales grew 2% in the last three months of last year, which was lower than analyst expectations of 4% growth. The stock dropped 9.3% to £16.19.
Cinema chain Cineworld (CINE) revealed details of the £1.7bn rights issue to fund the acquisition of US chain Regal. Shares in Cineworld fell 5.8% to 531p.
Beazley (BEX) accelerated 3.4% to 524.9p after announcing anticipated pre-tax profit in 2017 would beat market expectations, partially due to sweeping US tax reforms.
Diploma (DPLM) failed to move at £12.07 despite a 10% increase in first quarter revenue.
SMALL CAP RISERS AND FALLERS
Shares in Interserve (IRV) weakened 0.4% to 120.5p on reports that the UK government is concerned about its financial health following Carillon's (CLLN) collapse on Monday.
Deltex Medical (DEMG) soared 84.3% to 1.9p following the addition of a major new hospital in the US.
A major shareholder in Altyn (ALTN), African Resources, bought new shares in the company for more than a 200% premium. This hiked the shareholder's stake to 66.7% and triggered a 45.7% jump to 1.3p.
Utilitywise (UTW) toppled 15.4% to 38.9p after further delays to publishing its results.
A strong order intake at consultancy business Ricardo (RCDO) helped the shares rise 5.4% to 994p.
Construction firm Henry Boot (BOOT) said pre-tax profit and earnings per share in 2017 would be 'comfortably ahead' of expectations. The stock gained 1.5% to 337p.