The FTSE 100 index is down by 0.6% or 48.72 points at 7929.33.

The annual results of Lloyds Banking Group and Rio Tinto have taken a toll on the market, with their shares dropping by 2%. Meanwhile, shares in Ocado and Scottish Mortgage Investment Trust have also experienced losses due to the pressure from higher interest rates. Grocery technology stock Ocado fell 2% or 13.2p to 614p, while Scottish Mortgage Investment Trust saw a drop of 8.2p to 715p.

The mining sector also experienced a loss as Rio fell 119p to 6085p and Anglo American lost 60.5p to 3093.5p ahead of its own results tomorrow.

There were some blue-chip risers, including media and advertising group WPP, which lifted 8.5p to 1019.5p. Pest control firm Rentokil Initial also experienced a rise, improving 4.6p to 513.2p.

The FTSE 250 index has also seen a fall of 89.08 points to 19,761.77. Moonpig has become the biggest faller with a decline of 2.6p to 106.8p, while digital publisher Future experienced a lift of 20p to 1457p after announcing the appointment of a new chief executive.