Mar 23, 2017

FTSE 100 dips despite boost from Next

The FTSE 100 index was down 9.99 points at 7,314.73 in early trade. Next shares rose nearly 6% despite the retailer reporting its first fall in annual profits for eight years, with profits dropping to £790m. "Not a pretty set of figures from Next but no worse than expected after warning on profits in January," said Neil Wilson at ETX Capital. Shares in rival Sainsbury's slipped 1% as Deutsche cut its rating to "Hold". Kingfisher was the biggest faller in the FTSE 100, down 2.7% as investors continued to react to the Screwfix and B&Q owner's results on Wednesday. Kingfisher reported a big rise in annual profits but gave a cautious outlook because of uncertainty surrounding Brexit and the French presidential elections.

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