London Markets: FTSE 100 slips from record as Next falters after trading update

U.K. stocks dropped from an all-time high on Wednesday, with fashion retailer Next PLC leading the charge south after a disappointing trading update.

The FTSE 100 index UKX, -0.08%  fell 0.1% to 7,174.48, after closing at a record for a fourth straight session on Tuesday.

Shares of Next NXT, -11.07%  topped the list of decliners, dropping 12% after the company warned on a challenging 2017 as the fallout from the U.K.’s Brexit vote starts to bite.

The announcement weighed on other U.K. retailers, with shares of Marks & Spencer Group PLC MKS, -5.34% MAKSY, -0.94%  down 4.5% and Kingfisher PLC KGF, -1.32% off 0.9%. 

On a more upbeat note, shares of Royal Dutch Shell PLC RDSB, +0.30% RDS.B, +1.43% rose 0.7% and BP PLC BP., +0.04% BP, +1.66%  added 0.3% as oil prices CLG7, +1.03%  headed higher.

Later in the morning, attention turns to U.K. economic data, with mortgage approvals and the construction purchasing managers index due at 9:30 a.m. London time, or 4:30 a.m. Eastern Time.

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