MARKET REPORT

THE FTSE 100 fell back from all-time highs as investors cashed in on a strong week for European stocks.

London’s blue chip index closed lower by 0.12% or 9.18 points yesterday to end the day at 7,778.79 points, having failed to push past Thursday’s record of 7,787.97 which was sparked by a rise in global oil prices.

Across Europe, the French Cac 40 and German Dax also ended the day in the red, down around 0.1% and 0.3%, respectively.

In UK stocks, shares were among the worst performers on the FTSE 100, after falling 104p at 5,241p .

Investors were reacting to an earnings update which showed the pharma giant’s first quarter profits slumped 36% year-on-year to $374m, having been hit by falling margins, administrative costs and increasing competition.

shares dropped 1.9p to 305.5p as the Competition and Markets Authority (CMA) moved one step closer to opening a fullblown investigation into Sainsbury’s £12bn merger with

The watchdog confirmed yesterday it was probing the deal and was in the “notification” phase, which entails gathering information from Sainsbury’s and Asda before a formal inquiry can begin. Away from the top tier,

shares surged more than 20% or 5.5p to 32p as investors cheered news that Mark Newton-Jones has been reinstated as chief executive at the baby care retailer - having been ousted in April.

However, his pay has been docked on his return, with Mr Newton-Jones now on a basic salary of £480,000 compared to the £612,000 he earned prior to his departure.

Jjumped over 11% or 3.75p to 37p after the firm kick-started efforts to raise £60m in emergency funding, saying it had strong support from shareholders and other investors for the proposal.

It plans to issue 232.5 million new shares at 28p each as it pushes through a painful restructuring plan which will allow the retailer to shut 81 stores and secure rent reductions on others.

The biggest risers on the FTSE 100 were up 195p at 8,600p,

holdings up 17.6p at 857.2p, up 18p at 882.1p, and

up 11.2p at 554.6p. The biggest fallers on the FTSE 100 were down 17.5p at 380.35p,

down 104p at 5,241p, down 5.6p at 291.7p, down and

63p at 3,480p.