Provident leads financial stocks lower as FTSE closes down
The FTSE 100 lost ground for the second consecutive day on Wednesday.
At the close, the benchmark index of blue-chip stocks was down 24.92 points, or 0.33%, at 7,447.79.
Financial services, insurance and banking stocks were hit hard, dragged down by heavy losses from UK sub-prime lender Provident Financial.
Provident ended the day 17.5% lower after a profit warning, saying disruption from a shake-up at its home credit division would hit profits.
Investment management firm Hargreaves Lansdown fell by 2.4%, while St James's Place dropped 1.8% and Standard Life lost 1.5%.
Whitbread, the owner of Premier Inn and the Costa coffee chain, was the biggest riser, up 3.4% at 3984p after reporting strong like-for-like sales for the first quarter.
The FTSE 250 was also down, losing 89.10 points or 0.45% to finish at 19,682.61.
On the currency markets, the pound was up 0.21% against the dollar at $1.2656.
The pound also gained against the euro, up 0.17% to 1.1360 euros.