MARKET REPORT

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 Index closed down 11.32 to 7,592.66, easing back from Thursday’s alltime 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 last-minute Christmas shoppers.

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

European markets were also in the red, with Germany’s Dax dropping 0.5% and the Cac 40 in France 0.3% lower. On the currency markets, traders were grappling with the latest slug of economic data, which showed gross domestic product grew by 0.4% in the final reading for the third quarter.

Among the data releases, the Office for National Statistics (ONS) said annual household spending had risen by just 1%, the lowest rate since 2012.

It comes amid a squeeze on consumer finances from higher inflation and dismal wage growth.

Business investment grew at 0.5% and, on an annual basis, GDP expanded by 1.7% in the third quarter, an upward revision from 1.5%.

Sterling was down 0.1% at 1.33 against the US dollar shortly after the London market closed, with the pound up 0.1% versus the euro at 1.128.

Troubled infrastructure group Carillion showed little movement on the London market despite striking an agreement with its lenders to defer a crucial financial covenant test. Shares were flat at 17.25p as the test date was shifted from December 31 to April 30 next year.

The HS2 contractor issued its latest profit warning in November and said it will breach its debt covenants, which resulted in another share price collapse.

At the time, the firm said annual profits are set to be “materially lower than current market expectations” as it grapples with a string of delays and smaller-thanexpected improvements to margins on certain contracts.

Among the biggest risers on the FTSE 100 Index were Severn Trent, up 32p to 2,142p, and easyJet, up 18p to 1,445p. The biggest fallers were Ashtead down 33p to 1,944p, G4S down 4.2p to 260.1p and Glaxosmithkline down 18p to 1,302p.