The FTSE 100 fell on Tuesday, kicking off the new year with losses following a record close on the last day of 2017.

The losses were broad with 44 constituents of the FTSE 100 in negative territory. The biggest losers were Land Securities, Standard Life and Johnson Matthey, down between 1%-1.1%.

The biggest riser was easyJet, up 3% following an announcement from rival IAG saying it was to acquire NIKI assets of air Berlin.

Next was also weaker following a note from Deutsche Bank that called Next and peer group retailers Marks & Spencer’s and Debenhams ‘value traps’.

A value trap is traditionally the name given to a share that appears cheap but could have underlying problems.