Next PLC falls 3.1% after “disappointing” sales figures
By Clare Hutchison, MarketWatch
LONDON (MarketWatch) — Britain’s benchmark stock index finished lower on Wednesday, led by retail stocks, as investors digested a trading update from Next PLC.
The FTSE 100 UK:UKX -0.55% fell 0.6% to close at 5,668.4.
The benchmark had rallied 127.63 points, or 2.3%, in the previous session as positive economic news from China boosted resource stocks.
“We have had a big, strong run in the last three or four sessions and investors have probably looked at what happened yesterday and had a chance to take stock,” said Richard Perry, chief market strategist at Central Markets.
Retailers suffered Wednesday, with high-street chain Next PLC UK:NXT -3.10% leading the sector lower. Shares in the company dropped 3.1% after it said its November and December trading figures were “disappointing.”
Among other retailers, Marks & Spencer Group PLC UK:MKS -2.59% closed down 2.6% and Tesco PLC UK:TSCO -1.40% fell 1.4%. Luxury retailer Burberry Group PLC UK:BRBY -1.93% also declined, losing 1.9%.
After a strong performance in the previous session, mining stocks pulled back on Wednesday. Glencore International PLC UK:GLEN -3.14% was the FTSE 100 index’s biggest decliner, shedding 3.1%. Antofagasta PLC UK:ANTO -2.76% lost 2.8% and BHP Billiton PLC UK:BLT -0.90% BHP -0.16% dipped 0.9%.
Rio Tinto PLC UK:RIO +0.51% and Randgold Resources Ltd. UK:RRS +0.36% bucked the trend, climbing 0.5% and 0.4% respectively.
Health-care firm Shire PLC UK:SHP -2.52% traded lower for a second day, falling 2.5%.
Most banks were also down Wednesday. Lloyds Banking Group PLC UK:LLOY -1.65% LYG -1.81% slid 1.7%, while HSBC Holdings PLC UK:HSBA -0.97% declined by 1%. Standard Chartered PLC UK:STAN -0.83% dipped 0.8%.
Barclays PLC UK:BARC +0.11% BCS +1.73% was the exception, adding 1.1%.
Other financial stocks also struggled on Wednesday. Schroders PLC UK:SDR -2.88% posted a loss of 2.9% and Ashmore Group PLC UK:ASHM -0.95% fell 1%. Man Group PLC UK:EMG -0.94% UK:EMG -0.94% dropped 0.9%.
Utilities gained ground, with United Utilities Group PLC UK:UU +1.47% climbing 1.5% and Severn Trent PLC UK:SVT +1.12% adding 1.1%. Electricity provider SSE PLC UK:SSE +0.54% advanced 0.5%.
Some oil stocks rose on Wednesday. BP PLC UK:BP +0.51% BP +0.86% gained 0.5% and BG Group PLC UK:BG +0.07% advanced 0.1%.
Clare Hutchison is a MarketWatch reporter, based in London.
