London midday: Shares lose early gains as downbeat manufacturing data weighs

London shares lost earlier gains by midday on Friday as downbeat manufacturing data across Europe and jitters about political uncertainty in Greece took their toll. The FTSE 100 Index fell back to stand 8.52 points adrift at 6,557.57 shortly before midday in the first trading session of the new year.European equities began 2015 on the front foot following remarks from European Central Bank president Mario Draghi that the monetary authority was preparing to change the size and make-up of its stimulus measures.But markets in France, Germany and the UK went into reverse after manufacturing purchasing managers' index data showed activity in the sector in the UK slowing to a three-month low in December.The eurozone's final manufacturing PMI was revised up slightly to 50.6 from November's low of 50.1, but down from an estimate of 50.8, largely due to a lower figure in France. Any figure above 50 still signals growth.Overnight, the 'official' Chinese manufacturing sector purchasing managers' index retreated to the 50.1 point mark, from 50.3 in the month before and versus a consensus of 50.A government statistician reportedly blamed the retreat on weakness in export demand, falling factory gate prices and the country's move towards a more service-oriented economy.Meanwhile, the Financial Times (FT) reported economists' worries regarding a potentially inconclusive result at this year's May general election in the UK.Airports Commission chairman and former CBI boss Sir Howard Davies said "a messy coalition could be negative. Major projects would be thrown into uncertainty, and there would be market doubts about the government's ability to take needed tough decisions," the FT reported.Quindell to sell assets to raise cashIn a bid to boost its working capital, Quindell, which has attracted attention due to share-dealings by its directors, entered into exclusivity arrangements with a third party on 31 December 2014 in respect of the possible disposal of an operating division of the group. Shares rose 6p to 45.5p.The Egyptian government paid the equivalent of $350m to BG Group as part of an agreement to repay debts. The FTSE 100 gas producer said it was working with Cairo to recover the $920m still owed as well as increase its activity in the country. BG stock lifted 3.1p to 868.1p.Irish bookmaker Paddy Power fell €0.72 to €67.29 after announcing that new chief executive Andy McCue had taken over from Patrick Kennedy.Power generator rental group Aggreko revved up 1p to 1,505p as it announced that new chief executive, Chris Weston, took up his position on Friday.