FTSE100 was keeping its head above water at lunch as oil crept higher and educational publisher Pearson (LON:PSON) saw shares rise.
The firm was top dog on Footsie, with shares up over 5% at 844.5p despite unveiling a further decline in sales.
The former FT owner posted a pre-tax loss of £433mln compared to profits of £255mln in 2014, while revenue fell 2% as declining sales in the US, UK and South Africa offset a strong performance in China.
But it cheered traders saying a restructured group will deliver £800mln in profit by 2018.
Overall, FTSE100 was up 55 at the time of writing, at 6,068 but lower than its opening level.
The biggest laggard was RBS (LON:RBS), which surprised no-one with its eighth consecutive annual loss.
And the bank, owned by UK taxpayers, warned to expect another £1bn of costs in the current year. Shares plunged 8.36% to stand at 223.6p.
Also flying lower on the day was BA owner IAG (LON:IAG), which saw its wings clipped 4.74% to go to 532p as the market failed to cheer prelims for 2015, which showed a 51% increase in profit helped by lower fuel prices.
Fuel unit costs for the year to end December before exceptionals were down 6.3% and, down 17.2% at constant currency, the group said.
Fashion house Burberry (LON:BRBY) nudged 4.41% higher at 1,232p as the firm is upgraded to ‘buy’ from ‘neutral’ by Japanese broker Nomura, which looks ahead to potential catalysts coming from the clothes designer’s business review.
“A change of the group’s approach would be a positive to the market,” said analyst Christopher Walker.
Meanwhile, Sports Direct (LON:SPD) shares dropped 2.4% to 389.80p as it announced it would shun a credit-line provided by majority shareholder Mike Ashley, who owns 55% of the retail group.
To smaller fry and Patagonia Gold (LON:PGD) added over 16% at 2.63p as it said it expects to start production from its Cap-Oeste prospect in Argentina by the autumn.
Production in 2016 is estimated at 15,700 ounces of gold equivalent, though by then, mining at its Lomada mine in Argentina will have halted after exhausting the commercially available resource.
Sula Iron & Gold (LON:SULA) added over 10% to 0.25p as it outlined its targets for 2016, which included securing a joint venture partner for its Ferensola gold project - a key priority.
Petroceltic (LON:PCI) lost 44.44% to 10p as it emerged largest shareholder Worldview had put in a low-ball takeover offer of just £6.4mln.
At just 3p per share the offer is some 83% lower than Petroceltic’s closing price yesterday.
The bid was ‘deeply insulting’ to many of the AIM quoted company’s shareholders, according to City broker Cenkos.