The markets in London also saw declines as the FTSE 100 fell 1.92 percent to 6,271.2 and the FTSE 250 was 2 percent lower to 11,225.5.

Shares in the financial services sector did not do very well for the most part on the 100.

Venture capital and private equity group 3i Group (LSE: III) was 5.8 percent lower to £10.56, while insurer Standard Life (LSE: SLET) fell 6.52 percent to 318.75p and hedge fund Man Group (LSE: EMG) was down 6.73 percent to 527p.

Not all in the financial services sector saw declines however.

Alliance & Leicester (LSE: AL) added 1.17 percent to £11.20 and insurer Benfield Group (LSE: BFD) gained 4.95 percent to 339p.

Insurance broker and risk management advisor Jardine Lloyd Thompson Group (LSE: JLT) had the best day on the 100 as it added 4.95 percent to 425p.

The best performer on the 250 was BSkyB (LSE: BSY), which gained 2.58 percent to 694.4p.

Other gainers included power transmitter National Grid (LSE: NG), which was 2.09 percent higher to 731.5p.

Chemicals group Reckitt Benckiser (LSE: RB) was up 1.5 percent to £27.74.

Defense contractor BAE Systems (LSE: BA; OTCBB: BAESY) added 0.9 percent to 440.25p after it said that first half profits were up a better-than-anticipated 27 percent on upgrades to its Bradley fighting vehicles for use by the US in Iraq and on the production of jet parts.

The biggest loser on the day on the 100 was miner Kazakhmys (LSE: KAZ), which was down 6.79 percent to £11.25.

In the pharmaceuticals sector, AstraZeneca (LSE: AZN; NYSE: AZN) dropped 3.5 percent to £24.30 on a safety review of its acid reflux drugs Nexium and Prilosec after two studies linked them to heart problems.

However, the Food and Drug Administration said that it had concluded on a preliminary basis that there is no increased risk to patients taking the drugs.

London’s equities markets were lower Wednesday.

The FTSE 100 dropped 1.72 percent to 6,250.6, while the FTSE 250 fell 1.26 percent to 11,194.9.

Cadbury Schweppes (LSE: CBRY; NYSE: CSG), with a decline of 8.23 percent to 569p, was the worst performer on the 100 after it
said that profitability was down in the first half due to higher dairy prices.

British Airways (LSE: BAY; NYSE: BAB) was down 2.89 percent to 386.25p after it was fined nearly £270 million for price fixing activities in relation to fuel surcharges.

Miners were substantially lower. Lonmin (LSE: LMI) fell 3.65 percent to £33.76, while Xstrata (LSE: XTA) was 3.88 percent lower to £30.74, BHP Billiton (LSE: BLT; NYSE: BHP; ASX: BHP) dropped 4.41 percent to £14.08 and Rio Tinto (LSE: RIO) was down 4.46 percent to £34.45.

There were gains on the day.

In the pharmaceuticals sector, Shire (LSE: SHP; NAS: SHPGY) added 1.56 percent to £12.37, while chemicals group Imperial Chemical Industries (LSE: ICI) gained 0.56 percent to 627.5p on reports that Dow Chemical (NYSE: DOW; TYO: 4850) is interested in making a bid to rival that of Akzo Nobel (Euronext: AKZ; NAS: AKZOY).

Over on the 250, construction group John Wood Group (LSE: WG.) was the best performer, adding 4.61 percent to 340.5p.

Meanwhile, business services provider Jardine Lloyd Thompson Group (LSE: JLT) was the biggest loser of the session as it dropped 11.48 percent to 374p.