Next PLC falls 3.4% after “disappointing” sales figures
By Clare Hutchison, MarketWatch
LONDON (MarketWatch) — Britain’s benchmark stock index turned lower Wednesday, led by retail stocks, as investors digested a trading update from Next PLC.
The FTSE 100 UK:UKX -0.88% fell 0.3% to 5,684.3 in afternoon trade.
The benchmark had rallied 127.63 points, or 2.3%, in the previous session as positive economic news from China boosted resource stocks.
Retailers suffered Wednesday, with the high street chain Next PLC UK:NXT -3.76% leading the sector lower. Shares in the company dropped 3.6% after a trading update Wednesday. It said its November and December trading figures were “disappointing.”
Among other retailers, Marks & Spencer Group PLC UK:MKS -2.90% was down 2% as Tesco PLC UK:TSCO -1.64% fell 1.6%.
After a strong performance in the previous session, mining stocks fell in afternoon trade. Fresnillo PLC UK:FRES -2.64% declined by 3.2% and Antofagasta PLC UK:ANTO -3.07% lost 2.2%.
Rio Tinto PLC UK:RIO -0.57% and Xstrata PLC UK:XTA -0.68% bucked the trend, climbing 0.7% and 0.4% respectively.
Health-care firm Shire PLC UK:SHP -2.61% traded lower for a second day, falling 2.1%.
Most banks were also down Wednesday. HSBC Holdings PLC UK:HSBA -1.37% slid 0.6% and Standard Chartered PLC UK:STAN -1.14% dipped 0.3%. Royal Bank of Scotland Group PLC UK:RBS -1.57% RBS -1.51% declined 0.5%.
Utilities gained ground, with United Utilities Group PLC UK:UU +1.65% climbing 1.7% and Severn Trent PLC UK:SVT +1.25% adding 1.5%. Centrica PLC UK:CNA +0.17% gained 0.8%. National Grid PLC UK:NG -0.24% advanced 0.1%.
Some oil stocks rose on Wednesday. BP PLC UK:BP +0.24% BP +0.79% was up 0.5% and BG Group PLC UK:BG +0.39% advanced 0.7%.
Insurers outside the life-insurance group posted gains in afternoon trades. RSA Insurance Group PLC UK:RSA +0.19% rose by 0.9%, and Admiral Group PLC UK:ADM -0.51% gained 0.1%.
Clare Hutchison is a MarketWatch reporter, based in London.
