Thanksgiving affects London exchange

London shares made modest gains today as traders prepared for a quiet session because of the Thanksgiving Holiday in the United States.

Volumes in London are likely to be thin, although the FTSE 100 Index still managed a gain of 14.4 points to 4384.7 in the first hour of trading.

That put back losses seen late in the session yesterday when the Footsie gave up the chance to set a new 15 month high.

Major moves in the top flight were few and far between, although media group Granada did lose some of the 7% rise seen last night following positive news on the advertising market and its merger with Carlton.

Shares were 3p cheaper at 124p, the biggest fall of the session so far.

Granada was followed on the way down by speciality chemicals group Johnson Matthey, which eased 20p to 1035p despite strong first half numbers. The company added that it was looking to sell its coatings and ceramics business.

Outside the top flight, Comet electricals business Kesa fell 4.75p to 255.75p after maintaining its cautious stance on trading.

Clothing retailer Austin Reed was another faller, down 12% or 17.5p to 131.5p, after providing details of a further sales slide.