London's leading shares fell yesterday, with supermarket Morrisons among the biggest fallers. At the end of the day, the benchmark FTSE 100 index was down by 1.18 per cent, or 73.2 points, at 6,155.81.
Morrisons shares fell 2.8 per cent after the supermarket said it was closing M Local stores amid falling sales and profits.
Next shares, however, rose by 1.3 per cent after the retailer reported a 7.1 per cent rise in first-half profit to £347m. Shares in Dixons Carphone gained 1.8 per cent after the electrical goods retailer posted better-than-expected first quarter sales. The UK was particularly strong, with like-for-like sales up 10 per cent in the 13 weeks to August.
Adding to the raft of retail results was Home Retail Group, owner of Argos and DIY shop Homebase. Shares in the company fell nearly six per cent after reporting another fall in sales at Argos, which accounts for 70 per cent of Its revenue. Sales in the 13 weeks to August fell by 2.8 per cent.