FTSE down 0.5 percent as banks head south

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Marks & Spencer, Next and Kingfisher lost between 3.9 and 5.1 percent.

Among midcaps, construction and services group Balfour Beatty gained 2.4 percent after it posted a 25 percent rise in first-half profit and said it expected order intake and trading to remain strong throughout the year.

Russian oil producer Imperial Energy, which is in the sights of China's Sinopec Group and India's ONGC, could be sold within days, a source familiar with the situation said on Wednesday.

Imperial Energy shares rose 5 percent.

(Editing by David Cowell)

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