Footsie fails to rise despite retailers’ gains

Market report Perry Gourley

London’s top-flight index retreated from record heights in the final trading session before Christmas, despite consumer and retail stocks enjoying a festive boost.

The FTSE 100 closed down 11.32 to 7,592.66, easing back from Thursday’s all-time high when a Santa rally sent the top tier beyond the 7,600 mark for the first time at 7,603.98.

Retail giant Next and Dettol-owner Reckitt Benckiser were among the biggest risers as investors anticipated a sales lift from lastminute Christmas shoppers.

Next and Reckitt rose 164p to 4,579p and 113p to 6,833p respectively, while Primark-owner Associated British Foods pushed up 23p to 2,819p.

Betting giant GVC was the biggest faller on the second tier after sealing a £4 billion takeover of high street bookmaker Ladbrokes Coral .The move follows the announcement earlier this month that the pair were in “detailed” discussions over a cash and shares tie-up.

Under the terms of the takeover, GVC will own around 53.5 per cent of the enlarged group and its chief executive, Kenneth Alexander, would take the reins. The duo said the combination will result in cost savings of at least £100 million a year.

Shares in GVC dropped 21.5p to 912.5p, while Ladbrokes Coral rose 2.5p to 176.5p.

Troubled infrastructure group Carillion saw its shares unchanged at 17.25p despite striking an agreement with its lenders to defer a crucial financial covenant test. The biggest risers on the FTSE 100 index included Severn Trent ,up32p to 2,142p, and Easyjet, up 18p to 1,445p.