London Markets: FTSE 100 turns lower; retailers struggle

By Clare Hutchison, MarketWatch

LONDON (MarketWatch) ? Britain?s benchmark stock index finished lower on Wednesday, led by retail stocks, as investors digested a trading update from Next PLC.

The FTSE 100 /quotes/zigman/3173262 UK:UKX -0.55% ?fell 0.6% to close at 5,668.4.

The benchmark had rallied 127.63 points, or 2.3%, in the previous session as positive economic news from China boosted resource stocks.

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?We have had a big, strong run in the last three or four sessions and investors have probably looked at what happened yesterday and had a chance to take stock,? said Richard Perry, chief market strategist at Central Markets.

Retailers suffered Wednesday, with high-street chain Next PLC /quotes/zigman/312884 UK:NXT -3.10% ?leading the sector lower. Shares in the company dropped 3.1% after it said its November and December trading figures were ?disappointing.?

Among other retailers, Marks & Spencer Group PLC /quotes/zigman/298234 UK:MKS -2.59% ?closed down 2.6% and Tesco PLC /quotes/zigman/156634 UK:TSCO -1.40% ?fell 1.4%. Luxury retailer Burberry Group PLC /quotes/zigman/307688 UK:BRBY -1.93% ?also declined, losing 1.9%.

After a strong performance in the previous session, mining stocks pulled back on Wednesday. Glencore International PLC /quotes/zigman/5131911 UK:GLEN -3.14% was the FTSE 100 index?s biggest decliner, shedding 3.1%. Antofagasta PLC /quotes/zigman/139152 UK:ANTO -2.76% ?lost 2.8% and BHP Billiton PLC /quotes/zigman/184879 UK:BLT -0.90% ? /quotes/zigman/270355/quotes/nls/bhp BHP +0.09% ?dipped 0.9%.

Rio Tinto PLC /quotes/zigman/155899 UK:RIO +0.51% ?and Randgold Resources Ltd. /quotes/zigman/349729 UK:RRS +0.36% ?bucked the trend, climbing 0.5% and 0.4% respectively.

Health-care firm Shire PLC /quotes/zigman/508678 UK:SHP -2.52% ?traded lower for a second day, falling 2.5%.

Most banks were also down Wednesday. Lloyds Banking Group PLC /quotes/zigman/126322 UK:LLOY -1.65% ? /quotes/zigman/255656/quotes/nls/lyg LYG -1.52% ?slid 1.7%, while HSBC Holdings PLC /quotes/zigman/13843 UK:HSBA -0.97% ?declined by 1%. Standard Chartered PLC /quotes/zigman/22532 UK:STAN -0.83% ?dipped 0.8%.

Barclays PLC /quotes/zigman/301787 UK:BARC +0.03% ? /quotes/zigman/152323/quotes/nls/bcs BCS +1.99% ?was the exception, adding 1.1%.

Other financial stocks also struggled on Wednesday. Schroders PLC /quotes/zigman/257601 UK:SDR -2.88% ?posted a loss of 2.9% and Ashmore Group PLC /quotes/zigman/433475 UK:ASHM -0.95% ?fell 1%. Man Group PLC /quotes/zigman/487128 UK:EMG -0.94% ? /quotes/zigman/487128 UK:EMG -0.94% ?dropped 0.9%.

Utilities gained ground, with United Utilities Group PLC /quotes/zigman/514680 UK:UU +1.47% ?climbing 1.5% and Severn Trent PLC /quotes/zigman/432401 UK:SVT +1.12% ?adding 1.1%. Electricity provider SSE PLC /quotes/zigman/154423 UK:SSE +0.54% ?advanced 0.5%.

Some oil stocks rose on Wednesday. BP PLC /quotes/zigman/210014 UK:BP +0.51% ? /quotes/zigman/247026/quotes/nls/bp BP +1.04% ? gained 0.5% and BG Group PLC /quotes/zigman/249967 UK:BG +0.07% ?advanced 0.1%.

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Clare Hutchison is a MarketWatch reporter, based in London.

Source: http://www.marketwatch.com/news/story.asp?guid=%7Bd857aec2-36b3-11e1-91da-002128040cf6%7D&siteid=rss

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