FTSE loses ground

The London market dropped below the 5700 barrier today as strong Christmas trading at Marks & Spencer failed to shield the retailer from profit taking.

M&S shares could not hold on to the £5 (€7.30) mark that was reached in the run-up to today’s update, which outlined a 2.9% rise in like-for-like sales during the 13 weeks to New Year’s Eve.