The FTSE 100 remained in the red after the Bank of England kept interest rates unchanged for the 84th month in a row.
The top-share index had initially opened firmer in the wake of yesterday's UK budget, leaving investors to focus on decoding the smoke signals sent up yesterday by the US central bank's policy makers.
The greenback ebbed after the Fed's statement, encouraging investors to take a look at commodity stocks, which spelled good news for the top-share index, which is heavily weighted towards miners, but the advance petered out, leaving the FTSE 100 down 18 points (0.3%) at 6,157.
The heavyweights of London's junior market are doing even less well, with the FTSE AIM 100 down 28 points (0.8%) at 3,325, though the AIM All-Share was making a better fist of things, sliding a couple of points (0.3%) to 708.
Pathfinder Minerals PLC (LON:PFP) was defying the trend, more than doubling to 1.98p after it raised £200,000 through the issue of shares at 0.8325p each.
Half of the shares issued were taken by Nick Trew, the company's chief executive officer.
88 Energy ltd (LON:88E) was also higher after issuing equity, although in its case the rise was down to the Alaska-based oil group completing phase one of its Icewine project.
“Icewine #1 cored a new kind of hybrid resource play that appears to have numerous similarities to reservoirs known as Low-Contrast Low-Resistivity (LCLR), or Low Contrast Pay (LCP),” the company said.
Shares shot up from 3.07p to 4.35p at one point, but confirmation that there are now 3mln more shares in issue after options were exercised took some of the forth off the share price, which ebbed to 3.93p, still up a handy 27.8%.
Software company Sopheon PLC (LON:SPE) topped expectations with its full-year results, prompting a 43% rise to 102p.
The company, which helps companies with product innovation, moved firmly into the black at the pre-tax level, while underlying earnings (EBITDA) more than tripled.
Full-year results from EnQuest PLC (LON:ENQ) were also well-received. The shares jumped more than 20% as it revealed production averaged 36,567 barrels of oil equivalent per day, which was not only up 31% on 2014 but also above the top end of the company's guidance range.
Brokers queued up to applaud the definitive feasibility study (DFS) for potash mine developer Sirius Minerals PLC's (LON:SXX) giant polyhalite project in Yorkshire, but the share price still declined 17.6% to 18.75p.
The DFS ascribed a net present value of US$15bn using a 10% discount rate, which was massively higher than Liberum Capital's estimate of $4.6bn.
The key difference in our valuations remains pricing assumptions; we assume prices are set by production costs at the marginal producer, rather than nutrient value,” Liberum said.
A two stage financing plan is required comprising US$1.63 billion for the first and US$1.93 billion for the second to get it up to the planned 10Mtpa (million tonnes per annum) capacity.
Gulf Keystone Petroleum Limited (LON:GKP) tumbled 1.57p to 10.43p as it unveiled a loss after tax of $135mln, which was at least narrower than the 2014 loss of $248.2mln.
The Kurdistan-focused oil producers has been beset by difficulties in getting paid for the oil it has sold, but the company reported it has received a $15mln gross payment from the Kurdistan Regional Government for January sales, following on from regular payments in the final quarter of 2015.
Cantor Fitzgerald remains a fan of the stock, and has a 48p price target, which admittedly is predicated on Kurdistan-specific issues improving.
“Once a regular payment cycle is established (which we would identify as six consecutive months), and GKP is receiving adequate cash flows, we believe the shares will re-rate to a more applicable price to the fundamental value of the company,” said Cantor's Sam Wahab.
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Small cap shares were heading south in contrast to bigger brother FTSE100 but tech group Sopheon PLC (LON:SPE) was a notable riser.
Shares in the product development software supplier surged over 35% to 97p each as it told investors it had moved firmly into the black in 2015 at the pre-tax level while underlying earnings (EBITDA) more than tripled.
Elsewhere, miners were on the up but FTSE AIM 100 was down 0.55% at 3,336, while FTSE AIM All share was 0.19% lower at 708.890.
FTSE100 was rallying, up over 30 points, with blue chip miners the podium takers, as traders continue to digest yesterday's budget and the fact the US fed took no action on interest rates and adopted a cautious stance. US shares closed up firmly higher last night.
Aureus Mining Inc (LON:AUE, TSX:AUE) shot up almost 16% to 7.38p as the gold miner revealed it produced 4,500 ounces of gold at the New Liberty mine in the first two weeks of March and in line with February's total.
Gold production for the calendar year to date now totals 19,200oz.
Since commercial output began at the beginning of this month, production has been stable with recovery levels in excess of 90%.
Capital Drilling (LON:CAPD) added 18.52% to 32p as its financial results for 2015 showed that the drilling contractor had strengthened its balance sheet, generated positive free cash flow, and paid maiden dividends.
Those achievements came in spite of a significant softening of commodity prices and head-winds in the global mining industry.
ValiRx Plc (LON:VAL) added 2.86% to 13.50p as it appointed a specialist investor relations firm to build its recognition among academic, clinical, and business leaders in the US.
LGO Energy (LON:LGO) saw shares bounce as it yesterday revealed it had taken another step to restore its finances with a £1mln equity raise and more settlements in shares with its suppliers.
Earlier this week LGO announced it was to start production again at its Goudron field in Trinidad after the financial crisis last year sparked by a well failure.
On the flip-side, potash mine developer Sirius Minerals (LON:SXX) saw shares fall 23% to 17.5p despite it saying its giant polyhalite project in Yorkshire in a DFS had a net present value of US$15bn using a 10% discount rate.
A two stage financing plan is required comprising US$1.63 billion for the first and US$1.93 billion for the second to get it up to the planned 10Mtpa (million tonnes per annum) capacity.