Slight gain for FTSE

The FTSE 100 Index held on to positive territory today, despite the impact of a weaker-than-expected start to trading on Wall Street.

Shares in New York were under pressure after disappointing figures for manufacturing orders fuelled concern about the state of the US economy.

While the Dow Jones Industrial Average was 100 points lower, the FTSE 100 Index clung to gains seen earlier in the session to close 18.5 points higher at 6497.8.

However, a dearth of corporate news in the first full session since last Friday meant trading volumes were light.

Utilities provided some strength, with stocks from the traditionally defensive sector occupying the first six places on the Footsie risers board.

National Grid led the way with a gain of 23.5p to 845.5p, while United Utilities added 18p to 767.5p and Scottish & Southern Energy rose 38p to 1659p.

Meanwhile, Thomson Holidays owner TUI Travel continued to travel in the right direction following its promotion to the FTSE 100 Index earlier in the week.

TUI lifted 4.5p to 296.25p, adding to gains secured on Monday after it became one of a number of changes to the London market's top flight.

With shoppers heading to the sales, retailers endured a tough session amid reports of heavy discounting to attract interest.

Fashion retailer Next surrendered gains earlier in the day to close 16p cheaper at 1607p, while B&Q owner Kingfisher fell 3.9p to 144.7p, a drop of 3%. Argos firm Home Retail Group dipped 4.75p to 323.75p.

Marks & Spencer enjoyed slightly better fortunes, unchanged at 550p, but DSG International - the owner of Currys - was down 1.25p at 101.75p and Comet rival Kesa Electricals eased half a penny to 222.75p in the FTSE 250 Index.

Royal Bank of Scotland provided one of the biggest gains in the financial sector, up 3p to 446.5p after a newspaper report at the weekend said the banking giant raised £1bn (€1.36bn) from recent property sales.

Oil prices at US$97 a barrel helped prop up the petrochemical majors, with Royal Dutch Shell ahead 29p at 2109p and BP up 4.5p at 621.5p.

Outside the top flight, UK Coal continued to rise following an informal approach for its mining and power generation assets. The move by energy investor Meinl was rebuffed by UK Coal, but shares still rose amid hopes of further interest. The FTSE 250 Index stock stood 2% higher, up 9p at 459p.

Elsewhere, shares in Gyrus were up by 4% - up 24p to 620p - after camera giant Olympus's £935m (€1.27bn) deal to buy the keyhole surgery equipment maker cleared US competition hurdles. Olympus unveiled the 630p-a-share offer for Reading-based Gyrus in November.

The biggest Footsie risers were National Grid up 23.5p at 845.5p, BG Group ahead 29p at 1142p, United Utilities up 18p at 767.5p and Scottish & Southern Energy ahead 38p at 1659p.

The biggest fallers were Kingfisher down 3.9p at 144.7p, ITV off 2.2p at 86p, Carnival down 52p at 2218p and Vedanta Resources off 40p at 2050p.