Next falls foul of stock sell-off

Next and Primark-owner Associated British Foods fell foul of wider sell-off of retail stocks – down 77p to 4,963p and 23p to 2,818p respectively – but the FTSE 100 Index still managed a fresh record high, rising 14.43 points to 7,762.94.

Fiona Cincotta, analyst at City Index, said: “Retailers were out of favour throughout the day, following disappointing numbers from Marks & Spencer.

“Prior to the releases, expectations had been running high; only earlier this week Morrisons and Sainsbury impressed investors with better than expected sales figures over the crucial Christmas period.”

Across Europe, the Cac 40 in France was 0.3% lower and Germany’s Dax was down by 0.6%.

On the currency markets, the pound enjoyed a lift at the expense of the US dollar’s weakness, pushing 0.2% higher at 1.353. However, sterling was enduring a rockier ride against the euro, slipping 0.5% to 1.124.