Pound sterling hitting a one-year high of $1.36 made FTSE 100 stocks with overseas earners less desirable to UK investors. The currency translation doesn't work in the favour of companies with US dollar earnings, in particular.
That's why cruise ship operator Carnival (CCL), miner Glencore (GLEN), oil producer Royal Dutch Shell (RDSB) and education group Pearson (PSON) were among the largest fallers on the FTSE 100.
Carnival's shares dropped the most, down 6.2% to £47.86. Vodafone (VOD), which is the eleventh largest company in the FTSE 100 index, dropped 1.6% to 206.58p.
Tobacco manufacturer Imperial Brands (IMB) was among the few FTSE 100 stocks in positive territory, rising 2.8% to £33.50. It was joined by media group ITV (ITV) which advanced 1.3% to 158.05p.
The FTSE 100 ended the day 84 points (or -1.16%) lower at 7,210.90.
On the US markets, the S&P 500 was flat at 2,497 and the Dow Jones also lacked much activity, trading 40 points ahead at 22,243.
FTSE 100 RISERS AND FALLERS
In terms of specific blue chip corporate news back on the UK market, FTSE 100 soft drinks bottler Coca-Cola HBC (CCH) nudged 1.7% lower to £25.63 on news that chief executive Dimitris Lois will take a leave of absence to undergo medical treatment.
FTSE 250 RISERS AND FALLERS
Investors raised a glass to budget-friendly pub chain JD Wetherspoon (JDW) after pre-tax profit before exceptional items rose to £102.8m in the 53 weeks to 30 July 2017, up from £80.6m in 2016.
A 4% increase in like-for-like sales supported the strong results as shares in JD Wetherspoon rallied 11.6% to £11.65.
JD Sports Fashion (JD.) entered a joint venture agreement with South Korean footwear retailer Shoemarker which helped to drive up its share price by 2.7% to 382.2p.
Speciality pharmaceutical firm Indivior (INDV) was broadly unmoved at 297p after its US subsidiary filed patent lawsuits against Dr Reddy's, Actavis, Par, Alvogen, Teva, and Mylan. The lawsuits were for infringement of a US patent relating to their respective proposed generic versions of Indivior's Suboxone product.
SMALL CAP RISERS AND FALLERS
Toy maker Character Group (CCT) struggled after the board fired finance director Mark Dowding due to a 'loss of confidence' in him. The company said joint managing director Kiran Shah will take over the group financial director role. Shares in the company fell 2.9% to 505p.
Logistics business DX (DX.) crashed by 14.9% to 6.52p after the company used an incorrect accounting policy for a lease incentive for one of its sites. Investors were frustrated that there will now be a £1.8m non-cash impact to underlying profit for the year to 30 June 2017.
Online estate agent Purplebricks (PURP) nudged up 0.4% to 391.13p on its formal launch in the US. It will debut in Los Angeles before extending across the state of California and other targeted key states.
Shares in The Gym Group (GYM) accelerated 4.8% to 211.5p after acquiring 18 gyms from Lifestyle Fitness for £20.5m.
Middle Eastern-themed restaurant business Comptoir (COM) reported a 'steady' performance despite challenging conditions in the sector. Sales were up 36.1% to £13.1m and gross profit rose 36.4% to £9.5m in the first half of 2017. Its shares rose 2.2% to 17.38p.
Junior miner Stratex International (STI:AIM) jumped 14.9% to 1.35p after it was revealed that the company's founders were behind a requisition to remove the CEO and chairman and block the takeover of a gold project. Shareholders Teck Resources and AngloGold Ashanti, two large mining companies, supported the attempts by David Hall and Paul Foord to regain control of the business.