The FTSE 100 is struggling for direction after yesterday's gains, down 1.57 points at 7,176.32.
There's still not a huge amount of corporate news out there but a profit warning from Next (NXT) certainly gets the market's attention.
Shares in the retailer fall 12.2% to £41.86 as it reduces profit guidance for the year to January 2017 from the previous range of£785m to £825m down to £792m thanks to weak December trading. The one-time sector darling also warned sales could be hit in the coming 12 months by a squeeze on consumer spending.
The company is the first in the retail space to update on festive sales and the negative vibes put pressure on rivals such as Marks & Spencer (MKS) down 5.1% at 326.8p, Primark-owner Associated British Foods (ABF), off 4.8% at £25.80 and Tesco (TSCO) down 1.6% to 202.9p
At the discount end of the high street, B&M European Value Retail (BME) fares rather better. Third quarter revenue is up more than 20% to £789.1m as the company enjoys a record Christmas. The shares are marked 4.7% higher to 290.1p.
Housebuilder Bovis Homes (BVS) falls 4.5% to 783.5p as Jefferies moves its recommendation on the company from 'buy' to 'hold'.
Budget airline Ryanair (RYA) gains 1.1% to €14.32 as it reports a 20% increase in passenger numbers in December.
Emergency power provider Aggreko (AGK) is up 1.1% to 959p on the unveiling of a $450m contract to supply power to the Olympic Winter Games in South Korea in 2018.
Micro cap energy play Infrastrata (INFA:AIM) slumps 17.9% to 0.58p as the board indicates it will need to consider if the company can continue as a going concern should it not secure short-term funding in January.
Geospatial data specialist 1Spatial (SPA:AIM) remains under pressure, down 13.3% to 1.62p, we covered the departure of chief executive Marcus Hanke here yesterday.
