Rollercoaster session ends with stocks slightly ahead

LONDON shares had a volatile session yesterday, but managed to close ahead as retail stocks made gains.

By the close of trading the FTSE 100 Index was up 6.2 points at 3841.4 after a rollercoaster session which saw it rise 72 points in early dealing only to slide lower during the afternoon.

A subdued start in the US also affected the mood Wall Street initially opened ahead but then slid lower. By the time London closed US indices had tracked back to trade around their opening marks.

Traders said the volatility in London was partly ahead of an expected stormy session today.

Among London shares holding up yesterday were retailers, despite official figures showing a slow start to Christmas spending. Data showed retail sales rose 0.1% in November, a slowdown from the 0.7% seen in the previous month although economists said the underlying picture was robust.

Argos-owner GUS added 16.5p at 555p while electrical chain Dixons rose 4.5p at 149.25p.

Boots was another riser, up 10.5p to 567p, while Marks & Spencer rose 7.5p to 313.25p.

The biggest risers were Kingfisher up 12.25p at 217p, Old Mutual up 3.5p at 87.25p, Hilton up 6.25p at 165.25p and WPP up 17p at 469.25p.

Fallers were Cable & Wireless down 3.25p at 44.25p, Royal & Sun Alliance down 7.75p at 116.75p, Corus down 1.25p at 22p and Legal & General was down 5p at 95p.