StockMarketWire.com - UK stocks closed lower on Wednesday, reversing their earlier gains, despite continued strength in US markets after president Trump talked up further trade deals at the Davos summit.

At 4.30pm, the benchmark FTSE 100 index was down 44 points or 0.6% to 7,567 points.

Home builder Berkeley rallied 5% to £54.45 on pledging to increase shareholder returns by about £455m to £1bn over the next two years.

Flooring retailer Victoria gained 6.3% to 440p as it planned a €170m corporate bond offering to pay off its bank debt.

Sofware company Sage firmed 3.6% to 760.8p as its revenue in the first quarter rose 6.7%, driven by growth in subscriptions.

Video game developer Sumo gained 1.8% to 196.5p on forecasting annual results 'at least in line' with market expectations.

Pet-care product and veterinary business Pets at Home rose 1.5% to 291p as its revenue rose 7.9% in the third quarter and it said it remained on track to hit annual profit expectations.

Books and stationary retailer WH Smith reversed 1.4% to £25.05 despite its revenue in the year to date rising 7%, boosted by acquisitions in its travel business.

On a like-for-like basis, WH Smith's sales for the 20 weeks through 18 January fell 1%, as pressure on its weaker high street operations weighed.

Supermarket giant Sainsbury's shed 2.2% to 207.8p after announcing that it had appointed insider Simon Roberts to replace Mike Coupe as its new chief executive after the latter unexpectedly announced he would step down in June. Roberts is currently the company's retail and operations director.

Luxury fashion retailer Burberry also fell 2.2% to £21.52, even as it nudged up its annual sales guidance following the launch of new products.

Burberry also said its sales in Hong Kong had halved due to political disruption in the Chinese territory.

Copper producer Antofagasta fell 4.6% to 906p as unrest in Chile weighed on its output in the final quarter of 2019.

Geotechnical engineering company Van Elle sank 7.3% to 50.5p on the back of a 63% fall in first-half profit and heavy cut to its dividend, owing to shirking margins.

Fashion retailer Ted Baker softened 9% to 290p after an independent review found it had overstated the value of its inventory in January 2019 to the tune of £58m.

The figure was more than double the £20m-to-£25m preliminary assessment announced last month.

Publisher and events group Dods crashed 13.7% to 4.1p, having warned of a slow start to its fiscal fourth quarter.

Regenerative medical devices company Tissue Regenix sank 26% to 1.3p, despite posting annual revenue growth of 12%.

The company also said it was continuing to assess various funding options to alleviate significant working capital constraints. Story provided by StockMarketWire.com