The FTSE 100 lost more than 150 points and closed barely over 5,600 after Greece's debt was downgraded to junk status by ratings agency Standard & Poor's (S&P).

The FTSE 100 opened lower in early trading, falling 0.24% or 13.76 points to 5740.09, despite a raft of positive earnings announcements.

Premier's Paul Smith has taken his funds' high-yield exposure to its highest ever level on an improved outlook for corporates.

Williams de Broë is streamlining its £120m product range and launching two managed funds.

J.P. Morgan has raised £46.7m for its Brazil investment trust, the first UK closed-ended company focused on the Latin American country.

Wealth manager Smith & Williamson has lambasted investment trusts with no formal process to control their discount.

Old Mutual's Stephen Message has reduced the number of holdings in the £30m Equity Income and £24m Extra Income funds he inherited in November.

The Ignis-managed £979m UK Commercial Property trust is trying to merge with F&C Commercial Property trust to create one of the biggest vehicles in the sector.

Ratings agency Moody's has downgraded Greece following news that its budget deficit reached a worse than expected 13.6% of GDP last year.

Colin Morton, a large-cap specialist at Rensburg, has warned UK equity markets could reach dangerously high levels before prices see a correction.