Shares in Next, top the FTSE 100 fallers list, down 1.9 percent, heading a weak retail sector on concerns over the impact of the snowy weather conditions on the high street on the last weekend before Christmas.

Next in Oxford Circus, London

Negative comment from H20 Markets also weighs on Next, with the CFD specialists repeating a "sell" rating on the retailer.

"Our view is that the shares are likely to suffer a continuing downward correction in the run up to the Christmas trading statement on 5 January 2011," says Daniel Harris, head of dealing at H2O Markets.

Next's blue chip peers Marks & Spencer and Tesco lose 1.5 and 0.7 percent respectively, while mid caps Debenhams and Dixons Retail shed 2.5 and 4.6 percent.

"It is not too surprising that ... retailers are amongst the biggest fallers today as investors are concerned about how much of an impact the weather will have had on their profits at a traditionally busy time," says Yusuf Heusen, senior sales trader, at IG Index.

However, Arden Partners retail analyst Nick Bubb is more sanguine. "There are still 5 shopping days left, so with extended opening hours etc there is no need for retailers to panic. Indeed because it's now too late to order Online for Xmas, the High Street looks well placed for a mini-boom, as long as the snow now stays away," says Bubb.