Shares in leading retailers fell on Tuesday following a big fall in UK retail sales figures for October.
The monthly report from the British Retail Consortium showed non-food sales fell 2.9% in the three months to October and 2.1% over the year to date – the biggest decline in five years.
The figures follow a report by the Confederation of British Industry (CBI) last week that showed retail sales in the year to October at their lowest level since March 2009.
M&S biggest faller
Marks & Spencer saw the biggest drop of up to 6.4% in early trading, down from 344p to around 322p, before recovering to 328p by mid morning.
ASOS was the next biggest faller, down 4% at one point to 5757p from 5998p at Monday close, before recovering to the 5870p mark.
Kingfisher was down 1.9% on its Monday close of 316p, dropping to 310p on Tuesday morning.
Retailers ‘feeling the pinch’
Sports Direct fell 1.3% from 387p to 382p, while Ted Baker was down 1.1% at 2686p after ending Monday at 2715p.
“It's clear retailers are beginning to really feel the pinch from higher inflation," said Rain Newton-Smith, the CBI's chief economist.