Traders took the precaution of closing positions ahead of the long weekend, resulting in a fall for the Footsie that wiped out the week's gains.
The FTSE 100 shed 81 points (1.3%) on the day to close at 6,242, down 69 points (1.1%) on the week, but up 39 points (0.6%) on the month.
The FTSE Aim All-Share also finished in the red on Friday, down three points at 728, while the FTSE Aim 100 closed at 3,391, down 24 points on the day and 32 points on the week, but up 61 points on the month.
Red Rock Resources Plc (LON:RR) finished the day in the blue, however, advancing more than 13% to 0.625p, after natural resources company Metal Tiger PLC (LON:MTR) agreed to back its share issue by buying 29.8mln shares at 0.42p each.
Through its £125,000 investment Metal Tiger has secured the right to appoint a non-executive directory to the board of Red Rock any time in the next 12 months.
Directors of Red Rock are stumping up £35,000 to buy shares in the placing as well.
Metal Tiger shares advanced 2.5% to 4.61p.
Another mineral resources firm, First Quantum Minerals Ltd (LON:DQM, TSE:FM), was also wanted, after its first quarter results revealed copper production and sales hit their highest ever quarterly levels in the first three months of the year.
Ophir Energy PLC (LON:OPHR) said a potential partner on a liquefied natural gas project in West Africa has pulled out, sending its shares plummeting 18% to 75.35p.
Ophir said US oil services giant Schlumberger had been considering taking part in the Fortuna scheme off the coast of Equatorial Guinea and had satisfactorily completed due diligence on the project, but the pair had been unable to close the deal on the terms previously agreed.
Away from the resources sector, punters headed for the exit at London Capital Group Holding PLC (LON:LCG) after they had seen the online trading platform firm's 2015 results.
The spread betting outfit made an adjusted loss before tax from continuing operations of £13.9mln, having made a profit of £1.2mln in 2014.
Worryingly, new client acquisitions decreased 37% to 3,539 from 5,615 in 2014.
Mid-session
Good news from the eurozone failed to lift a cloud hanging over London shares big and small on Friday.
Official figures showed first quarter GDP growth in the single currency bloc well above expectations at 0.6% quarter-on-quarter.
That was double the 0.3% quarter-on-quarter achieved in both the fourth and third quarters of 2015 and equals the 2015 first-quarter performance, which was the best since the start of 2011.
There was also joy on the job front, with the zone's number of jobless falling 226,000 in March, taking the unemployment rate down to 10.2% - the lowest since August 2011.
Berenberg economist Kallum Pickering said: "Economic fundamentals as well as leading indicators point to a sustained upswing in the second half of this year after a likely temporary lull in the second quarter."
But weak corporate results kept shares in negative territory in London, with the FTSE 100 Index falling 45 points to 6277.
British Airways owner International Consolidated Airlines Group PLC (LON:IAG) led the FTSE 100 lower, descending 4.7% to 525p after its quarterly results
Tax-payer owned Royal Bank of Scotland PLC (LON:RBS) was also down 4.7% at 233.3p after posting an attributable loss of £968mln for the first quarter.
Ophir Energy PLC (LON:OPHR) leaked nearly 17% to 76.1p on news that the oil & gas group was unable to agree a deal with Schlumberger to take part in its Fortuna gas scheme off the coast of West Africa.
On Aim, things were not quite so bad. The FTSE Aim All-Share was just a point or so lower while the FTSE Aim 100 was 12 points weaker at 3,403.
Ferrum Crescent Limited (LON:FCR, ASX:FCR) pared early gains to stand flat at 0.14p on the back of an activity report for the first quarter of 2016 detailing a period of significant change for the company.
“I believe we are now making rapid, efficient progress to move Ferrum Crescent forward and start generating news flow and results from the strong assets we have, which are backed by a highly capable team," said Justin Tooth, executive chairman of Ferrum Crescent.
Proton Power Systems Plc (LON:PPS), up 26%, was on a charge after it received a significant order from an unnamed blue-chip customer for fuel cell emergency power units.
Up-for-sale oil and gas company Circle Oil PLC (LON:COP) copped it after it unveiled a sharp reduction in its reserves after the latest audit. A quarter of the company's market value was swiped off.
“The company has not commented on the main drivers for the reduction, for example whether there is a geological issue compounding the low prevailing commodity prices; however, it is unwelcome news for the indebted producer, which is currently subject to a stay of execution from its lenders,” noted Mirabaud Securities. Shares fell 7% to 2.32p.
Investment company Pires Investment PLC (LON:PIRI) took a tumble, losing more than a quarter of its value after what chairman Peter Redmond confessed was a disappointing set of full-year results.
Shareholders in another investment company, Octagonal Plc (LON:OCT) got bent out of shape over the company's trading update, which revealed the second half of the financial year just ended had been particularly tough.
The company said results would be in line with expectations, but the downbeat tone lopped almost 18% off the value of the shares.
London open
London's growth stocks were lower on balance but performing better than blue-chips, where a number of heavyweights have disappointed with results.
British Airways owner International Consolidated Airlines Group PLC (LON:IAG) led the FTSE 100 lower, sliding 3.8% after its quarterly results, while tax-payer owned Royal Bank of Scotland PLC (LON:RBS) was back in the doghouse, down 3.2%, after posting an attributable loss of £968mln for the first quarter.
The FTSE 100 was off 45 points at 6,277.
On Aim, things were not quite so bad. The FTSE Aim All-Share was just a point of so lower while the FTSE Aim 100 was nine points weaker at 3,407.
Having taken a shellacking yesterday after Next Minerals withdrew from the proposed acquisition of its Picachos project, miner Herencia Resources PLC (LON:HER) was the top performer in London, rising 44% to 0.03p.
Sector peer Ferrum Crescent Limited (LON:FCR, ASX:FCR) climbed more than 14% to 0.16p on the back of an activities report for the first quarter of 2016 detailing a period of significant change for the company.
“I believe we are now making rapid, efficient progress to move Ferrum Crescent forward and start generating news flow and results from the strong assets we have, which are backed by a highly capable team," said Justin Tooth, executive chairman of Ferrum Crescent.
Proton Power Systems Plc (LON:PPS), up 26%, was on a charge after it received a significant order from an unnamed blue-chip customer for fuel cell emergency power units.
Up-for-sale oil and gas company Circle Oil PLC (LON:COP) copped it after it unveiled a sharp reduction in its reserves after the latest audit. A quarter of the company's market value was swiped off.
“The company has not commented on the main drivers for the reduction, for example whether there is a geological issue compounding the low prevailing commodity prices; however, it is unwelcome news for the indebted producer, which is currently subject to a stay of execution from its lenders,” noted Mirabaud Securities.
Investment company Pires Investment PLC (LON:PIRI) took a tumble, losing a fifth of its value after what chairman Peter Redmond confessed was a disappointing set of full-year results.
Shareholders in another investment company, Octagonal Plc (LON:OCT) got bent out of shape over the company's trading update, which revealed the second half of the financial year just ended had been particularly tough.
The company said results would be in line with expectations, but the downbeat tone lopped almost one-fifth off the value of the shares.
Market snapshot
The FTSE 100 dropped 1%, 65 points to 6,258, more than expected, mirroring the slide seen across the Atlantic overnight.
BT was the biggest winner up 0.9% after the telecoms giant announced this morning that it would be increasing its phone and internet tariffs.
The biggest loser was International Consolidated Airlines Group, down 3.45% to 532p. The owner of British Airways is actually expected to have an excellent 2016.
City analysts have tipped it for no less than 50% earnings growth, with a further 12% for 2017.
Apple shares seem largely unaffected after billionaire investor Carl Icahn offloaded his 14mln stake. Shares were up 0.3% in after hours trading.
RBS losses more than doubled to £968mln for the first quarter of 2016. A one-off dividend payment of £1.2bn to the UK government dragged down an otherwise profitable period, said the banking group.
Operating profits rose to £421mln, up from just £37mln in 2015, but total revenue fell 13% to £3.06bn.
Looking east, China has raised its exchange rate for the yuan by 0.56% against the US dollar, making it the biggest increase in 11 years.
The People's Bank of China fixed the yuan rate at 6.4589 to the US dollar.
Preview at 6.50am
The FTSE 100 is expected to fall sharply on open, mirroring the slide seen on Wall Street overnight.
The index of blue chip stocks will fall around 45 points to 6,277.4, according to the spread betting firms.
In the US there were triple digit losses as investors succumbed to a bout of the jitters on Thursday.
The Bank of Japan’s surprise ‘do nothing’ decision on monetary policy was in part responsible for the wobble that lopped 210 points, or 1.1% off the Dow Jones Industrial Average.
Super-investor Carl Icahn added to the rather jumpy mood as it was revealed he offloaded his entire holding in Apple, which on Tuesday posted its first profit decline in more than a decade.
Speaking to the financial news channel CNBC, the billionaire activist revealed his negativity wasn’t confined to just the Apple.
He told the interviewer he is "still very cautious" on the US stock market and there will be a "day of reckoning" unless there was some sort of fiscal stimulus.
Over in Asia the markets were mixed. Japan was closed for a public holiday, Shanghai and the Hong Kong were down 0.2% and 1.3% respectively, while the commodities-driven ASX was up 0.5%.
According to the diary is there is a dearth of scheduled corporate news here in the UK ahead of the Bank Holiday weekend.
*The Brent Crude Oil one-month future contract was trading marginally higher at US$48.14 per barrel, after climbing 2% yesterday.
*Gold was almost 1% higher at US$1,278.10 per ounce, after climbing 1.3% yesterday.
*Market Rumour: Ping An, one of China’s largest insurers, has backed a deal to buy the maker of Tommee Tippee baby products from British private equity group 3i in a further sign of Chinese corporate appetite for overseas consumer brands – FT.
Main City Headline
A trio of deals worth a combined $45bn breathed fresh life into the healthcare mergers and acquisitions boom on Thursday as Abbott Laboratories, AbbVie and Sanofi all went shopping for assets – FT.
Goldman Sachs looks set to be dragged into the growing storm over the collapse of BHS. The House of Commons Business, Innovation and Skills select committee said it will launch an inquiry into what checks were taken to ensure Dominic Chappell and his consortium of mystery investors were the right buyers of the retailer – Telegraph.