Oil stocks and positive US news boosts Footsie
A good performance from oil stocks and encouraging US economic figures have helped the Footsie rise.
With little corporate news, the FTSE 100 Index stuck close to its opening mark during the day - and closed up 29.2 points at 5242.4.
Promising signs that the US economy could rally in 2002 generated some interest in London during the afternoon session.
Oil companies BP and Shell also added their weight to the London market after Opec members confirmed plans to cut production levels.
Most traders had been expecting the decision from the cartel - a move which reduces output by 1.5 million barrels a day in order to shore up the oil price.
As a result, there was little major movement in relevant share prices, although Shell rose 4¾p to 482p, BP picked up 4p at 537p and Enterprise Oil gained 13p at 461p.
Elsewhere, some power and utility firms were doing well, with Scottish Power up 13p at 391p and Severn Trent ahead 33p at 717p to top the Footsie risers' board.
Other movers were the retail stocks, as evidence started to trickle through of a robust Christmas on the high street.
Among the retailing stocks ahead today were Argos-to-Burberry group Great Universal Stores, up 5½p to 642p, B&Q-to-Comet group Kingfisher ahead 7p to 393p and Next up 9p at 894p.
Smaller retailers on the increase included New Look, rising 5p to 162½p, JD Sports, up 3p at 298½p, JJB Sports up 11½p at 461½p, Debenhams up 6p at 404p, Harvey Nichols ahead 5½p at 195p, DFS up ½p at 450p and Hamleys up 3p at 122p.
However, supermarket groups lost ground after a bright start, with Sainsbury's down 9¼p at 362¼p and Tesco half a penny lower at 247½p.
