FTSE sinks into red

Concerns over Christmas trading and lower commodity prices called a halt to the new year rally today as the FTSE 100 Index sank into the red.

B&Q owner Kingfisher, Marks & Spencer and Primark parent Associated British Foods were among those on the back foot after Next said pre-Christmas snow cost it £22m (€26m) and music chain HMV reported a 13.6% drop in like-for-like sales in the UK and Ireland.