Lower oil prices and renewed uncertainty over Greece's future in the euro saw the London market's recent festive cheer come to an end today.

With the FTSE 100 Index 86.5 points lower at 6547, the top flight completed its first negative session since December 15. Germany's DAX and the Cac 40 in France both closed lower by more than 1%.

The slump in London came even though better-than-expected sales figures from Next triggered a decent session for retail-based stocks.

Commodity firms dominated the fallers board after the price of Brent crude oil dived to a five-and-a-half year low of near to 57 US dollars a barrel.

BG Group was 21.1p lower at 868.6p, Royal Dutch Shell fell 45.5p to 2239p and BP dropped 8.7p to 409.3p.

The latest fall in the price of oil was accompanied by fears over the eurozone outlook after Greece was forced to announce early national elections due to the failure of the country's politicians to elect a new president.

However, the pound failed to exploit the eurozone worries and was flat against the single currency at 1.28 and unchanged versus the US dollar at 1.56.

A shortened risers board was led by Next after it reported a 2.9% rise in full-price sales for the period between October 28 to December 24, meaning it is on track to outperform its forecast of 1% growth for the quarter to January.

Following the trading update, Next said full-year profits should be £775 million - £5 million higher than at the time of a profits warning in October.

The company also pleased the City with plans for a 50p a share special dividend, causing its shares to rally by more than 3% or 210p to 6725p.

With a flurry of Christmas trading updates due from other retailers in the next few days, analysts wondered if Next would continue to stand apart from most of the rest of the high street.

IG analyst Chris Baeuchamp said: "Its rivals in the sector will have had a much more difficult Christmas, with margins likely to have been heavily affected by discounting, something which Next regards as far too passe."

Marks & Spencer fell 5.7p to 477.5p ahead of its own statement next week. Tesco was 1.55p lower at 186.9p and Morrisons was down 0.5p to 182.5p.

But in the FTSE 250 Index, catalogue retailer N Brown rose almost 6% or 20.5p to 377.3p and Superdry owner SuperGroup lifted 22.5p to 898p.

Elsewhere, shares in travel-based stocks were higher as a result of the lower oil price, with easyJet up more than 1% or 22p to 1664p and British Airways owner International Airlines Group ahead 10p to 481.7p.

The biggest FTSE 100 risers were Next up 210p at 6725p, Randgold Resources up 92p at 4336p, Rio Tinto up 27.5p at 2993.5p and EasyJet up 22p at 1664p.

The biggest FTSE 100 fallers were SAB Miller down 98.5p at 3313p, Associated British Foods down 65p at 3146p, British American Tobacco down 64p at 3490p and Weir Group down 61p at 1866p.