FTSE makes gains despite Pearson slump
Educational publisher Pearson was the stand-out loser on the FTSE 100, shedding nearly 30%.
Pearson said trading in the US was bad, and it is selling its stake in Penguin Random House books business.
Despite the share price fall, the FTSE 100 eked out a 0.38% rise to 7,247.61 points. Risers included Burberry, up 3.6% after a strong trading update.
The pound fell against the dollar and euro, reversing gains made on Tuesday after Theresa May's speech.
BT fell 0.74% after communications regulator Ofcom fined its mobile phone arm EE £2.7m for overcharging 40,000 customers for calling the company's service number while roaming within the EU.
Outside the top flight, FTSE 250 stock Mitie was down 4.7%, having been 13% lower, after the outsourcing firm issued its third profit.
The pound reversed some gains made on Tuesday after Theresa May's outlined a 12-point Brexit plan.
Kathleen Brooks, a research director at City Index, said enthusiasm over Mrs May's Brexit plans may be waning.
"After the rapturous reception to Theresa May's speech, today sterling traders may be taking a finer look at the detail... This is a key reminder that the pound's sensitivity to politics is alive and well, and volatility is here to stay," she said.
In the oil markets, Brent crude prices fell 0.4% to $55.05 per barrel as the greenback strengthened, taking a bite out of the dollar-denominated commodity.