The FTSE 100 index fell 38.5 points, or 0.72% to 5,342.2 at its close a short time ago, as a mixed start on Wall Street and a weak showing from high street chain Next sent the FTSE to its lowest levels of the day.
Next slipped 56p, or 4.14%, to £12.97 as analysts suggest the improvement on sales at Marks is likely to have impacted on Next, yet the retailer also appears to have missed out on some of the season’s trends.
PartyGaming topped the FTSE risers, moving up 7p, or 9.79%, to 78.5p after smaller rival Sportingbet reassured that it has not seen a slowdown in online poker growth.
GUS also lost early momentum after a mixed statement, falling 11.5p, or 1.3%, to 845p and Burberry, also owned by GUS, saw a drop of 29.25p, or 7.1%, to 383p after underlying sales rose by just 3% in the half-year to September.
Another winner was Serco which rose 3.75p, or 1.5%, to 258.75p, after the outsource specialist said it had signed a contract with the government worth £100m over ten years to provide solutions to help detect the illicit importation of radiological substances at UK borders.
In the US, Wall Street posted unexpected early gains as the Dow Jones Industrial Average index rose by 28 points to 10,281 as oil prices eased and Pfizer leapt on good patent news.
Drug giant Pfizer improved moving up $0.55, or 2.26% to $24.85, after a UK court ruled in its favour regarding the patent on its key cholesterol treatment Lipitor.
Oil-related economic gains were eased by the November delivery for US light crude drifting back following earlier gains to trade down £0.07 a barrel at $63.46.
Apple fell back as it dropped $1.74, or 3.37%, to $49.85 as it posted weaker than expected fourth quarter revenue growth, meanwhile microprocessor Advanced Micro Devices also slipped by $2.06, or 8.58%, to $21.94, despite better third quarter profits as analysts highlighted valuation concerns.
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