The global sell-off continued in the US last week and Asia today on the back of rising government bond yields and an expected hike in interest rates.
The negative sentiment spread to the UK's FTSE 100, down 1.3% at 7,346.
Among the hardest hit was Vodafone (VOD), down 3.2% to 212.4p and Primark owner Associated British Foods (ABF) , which ticked 2% lower to £26.67.
Housebuilders were also in the firing line with Persimmon (PSN) and Taylor Wimpey (TW.) falling by around 2% apiece.
Brent crude oil slipped 0.9% to $68 per barrel.
MID AND LARGE CAP RISERS AND FALLERS
Investors focused on budget airline Ryanair's (RYA) negative outlook for the remaining three months of its financial year and next year, causing the shares to descend 2.5% to €15.72. The market overlooked decent third quarter results and a €750m share buyback.
Randgold Resources (RRS) guided its gold output at between 1.3 million and 1.35 million ounces compared to 1.315m ounces in 2017. The gold miner said its mining code in the Democratic Republic of Congo was 'draconian', shedding light on a 2.6% share price fall to £68.60.
UK supermarket Tesco (TSCO) reported it expects to post a profit of £1.57bn for the year to 24 February and confirmed a final dividend of 2p. The stock was broadly unmoved at 200.5p.
Charter Court Financial Services (CCFS) slumped 8.9% to 306p after broker Investec cut its recommendation from 'buy' to 'hold' following a strong performance in the share price.
SMALL CAP RISERS AND FALLERS
Pharma firm Shield Therapeutics (STX) said its iron therapy Feraccru failed to demonstrate a statistical difference in the change of haemoglobin compared to a placebo. The failed study hit the shares hard and wiped off over half of the company's value, leaving it at 55p.
Weatherly International (WTI) entered a binding agreement to increase its ownership of China Africa Resources Namibia from 25% to 90%. The news caused the shares to soar 14.7% to 2.4p.
IQE (IQE) reiterated that it expects full year revenue to be ahead of market expectations and said allegations contained in the Capital & Research Shadowfall report provided a 'misleading' analysis of the company's financial position. Its shares were down 2.4% at 101.8p, paring earlier heavier losses.
Solo Oil (SOLO) announced its Ntorya 2C contingent resource estimate rose to 763bn cubic feet, marking an increase of over ten-fold from its 2015 report. The shares rose 3.5% to 4.2p.