The FTSE 100 is down 62.7 points at 5904.2, largely dragged down by Alliance & Leicester's disappointing full-year results.
Some of the miners are also dragging on the index of 100 leading shares. Anglo American, the world's third largest mining group, has dropped 27p to £31.20 on its full year results.
The group's profits are in line with expectations, but it has had to delay the sale of Tarmac, its construction materials business, due to the credit crunch.
The group says it has decided not to launch the marketing phase of the sale process until market conditions improved.
The mining group has also posted a 15% increase in its dividend - a move which has disappointed some investors who had expected a bigger increase.
Other miners, like BHP Billiton and Rio Tinto, have followed suit, down 29p at £16.27 and 90p at £57.60 respectively.
On the plus side, Rexam is up on news it expects to return to profits growth this year. Shares have risen 21.5p to 443.5p.
Shire, the biopharmaceutical company, has increased 39.5p to 979p ahead of its full-year results tomorrow, and Barclays is still on a winning streak, up 9p at 486p after reassuring investors with its full-year results yesterday.
