London market edges ahead in thin trading

The FTSE 100 Index is close to its opening level - up 11.4 points at 5224.6 amid thin trading.

Power and utility firms are ahead, with Scottish Power up 12¼p at 390¼p and Severn Trent up 22½p at 706½p.

But the main movers are the retail stocks as evidence of a bumper Christmas trickles through.

Among the risers are Great Universal Stores, up 5½p to 642p, Kingfisher ahead 3½p to 389½p and Next up 25p at 910p.

Smaller retailers on the increase include New Look, rising 5p to 162½p, JD Sports, up a penny at 296½p, JJB Sports up 10½p at 460½p, Debenhams up 2p at 400p, Harvey Nichols ahead 2p at 191½p, DFS up ½p at 450p and Hamleys up 2½p at 121½p.

Supermarket groups ahead include Safeway up 2p at 316¾p, Morrison's up 2p at 208p, Tesco 2p stronger at 250p and Iceland up 8p at 177p.

Opec's decision to cut oil production barely affected the oil companies, as the decision had been heavily trailed, with Shell up 3¾p at 481p, BP down 2p at 531p and energy group BG falling 1½p at 277½p.

Among the smaller stocks, Cedar has seen its share price slump 65%, or 7½p to 4p, after saying it had received interest from an unnamed party which could lead to a takeover offer of below yesterday's share price - at around 5p a share.

Arc International has also failed to get a lift despite naming 49-year-old Michael Gulett as its new chief executive with immediate effect.

Shares, which have fallen from a peak of 324p earlier this year, slipped ¾p to 45½p.