Market Report: Next provides some rare cheer with more strong results

Britain’s second-biggest retailer, Next, provided a rare bit of cheer on the market with another set of strong results. First quarter sales at the fashion company came in slightly ahead of expectations, up 3.2 per cent, with 1.9 per cent coming from opening new stores.

The company pointed out that the jump could be down to the earlier arrival of its summer brochure, which coincided with warmer spring weather, but investors were not deterred and sent the stock 120p higher to 7,285p.

The performance was at odds with that of the FTSE 100, which closed down 84.25 points at 6,946.28 – its lowest level in three weeks – as investors reacted to disappointing US GDP figures. The US economy grew at 0.2 per cent in the first quarter, well below the 1 per cent expected.

Investors were also cautious ahead of the US Federal Reserve’s latest statement, scheduled for release after the UK market closed, as they await any hint about the timing of a rate rise.

Among the top fallers on the blue chip index were Dixons Carphone, which fell 13.1p to 418.9p, and cruise operator Carnival, which slid 92p to 2,964p.

Copper miner Antofagasta also found itself in the red after it said its first-quarter output had been dented by environmental protests and torrential downpours in the Atacama Desert.

The company, which like its rivals is also facing weaker prices and falling ore grades, cut its annual copper production forecast by 15,000 tonnes to 710,000 tonnes. Its shares lost 18p to close at 784p.

Fellow miners Rio Tinto and BHP Billiton joined it in negative territory after Citi gave a gloomy outlook for the sector. Rio fell 64p to 2,915.5p, while BHP was 25.5p lower at 1,564p.

On the mid-cap index, Bonmarché dipped 1p to 265p after announcing chairman Tim Mason, the former head of Tesco’s US business is making way for former House of Fraser boss John Coleman. But plus-sized retailer N Brown, the firm behind Jacamo, SimplyBe and JD Williams, managed to gain 28.1p to reach 349.9p after its boss insisted the worst was over for the company.