Footsie finishes week in the black

London’s leading shares just managed to finish the week in positive territory today after earlier gains melted away.

The FTSE 100 Index ended the day up by 4.8 points at 3808.1, having been ahead by around 60 points at one stage, but at least ending three days of falls driven by renewed economic worries.

Across the Atlantic, US retail sales figures and consumer sentiment indicators came in better than expected and helped drive the blue-chip Footsie up before it followed the Dow Jones Industrial Average in tumbling back again.

In London, the lack of major corporate news meant there was little to spark significant moves for the benchmark Footsie, which drifted for much of the low-volume session.

The biggest rise on the index came from accountancy software group Sage after it said it was on course to meet half-year profits hopes.

Shares lifted 12% – up 14.5p at 135p – as investors looked to the prospect of a 14% profits lift to £74 million in the six months to March 31.

It was another good session for paints and chemicals group ICI after it replaced under-pressure chief executive Brendan O’Neill earlier this week. Shares rose 5p to 113p.

And battered property stock Canary Wharf, which yesterday learnt it is to be ejected from the top flight, made up some early ground, before ending the day down 0.5p to 147.5p.

Outside the Footsie, biotech company Oxford Glycosciences slumped more than 7% or 14.5p to 182.5p after announcing that takeover interest from a number of parties had come to nothing.

Celltech, which has now had its bid for OGS accepted by the company’s board, gave back an earlier rise to fall 5p to 279p.

Elsewhere, retail group Big Food – owner of Iceland stores – got a much-needed lift after reporting a positive reaction from shoppers to its new look outlets.

The stock rose 4p to 61p despite another fall in like-for-like sales in its most recent quarter.

And department store group Selfridges added another 8p to 324p as the prospect of a takeover deal continued to generate buying interest.

Shares surged as much as 20% yesterday following the company’s confirmation of an offer, thought to have come from retail entrepreneur Tom Hunter.

Programme maker Television Corporation gained 6% as investors looked beyond the effects of two loss-making businesses, now sold off, on its bottom line. Shares rose 6p to 107.5p.

But steel maker Corus slipped 5% or 0.46p to 8.75p after credit rating agency Moody’s took a knife to its rating.

The biggest Footsie risers were Sage Group up 14.5p at 135p, ICI up 5p at 113p, Abbey National up 17p at 412p, Schroders NV up 18p at 528p, and WPP Group up 12p at 372p.

The biggest fallers were Amersham down 14p at 412p, Hilton Group down 3.5p at 146.25p, BSkyB down 13.5p at 628p, Hanson down 6.5p at 320p, and Royal Bank of Scotland down 30p at 1560p.