The London market staged a late rally today to overcome dismay at the worst Christmas sales data for more than 20 years.

The fall-out from a disappointing week for US earnings reports pushed the FTSE 100 Index back below the 4,800 mark today.

A fizzy drinks brand that has been a favourite with British children for 30 years has been snapped up for £5.5m (€7.9m), it emerged today.