The FTSE 100 share index edged down on Wednesday falling 6.3 points to 5,983.9 (down 0.1 per cent).

Banks all fell with Royal Bank of Scotland dropping 1.3 per cent, Barclays falling 1.5 per cent and HBOS dropping 4.2 per cent.

Other companies also saw their values drop, including insurers Prudential and Admiral Group, media company Pearson, real estate group Hammerson. Jewellers Signet Group also saw their shares drop 8.9 per cent after revealing a 16.8 per cent drop in annual profit.

Oil companies did well though thanks to higher oil prices. Royal Dutch Shell rose 0.9 per cent while BP shares grew in value by 1.6 per cent. BG Group also saw its share prices rise by 3.3 per cent.

The rising price of oil was not good news however for British Airways who saw their shares fall 3.9 per cent.