Leading UK shares were steady today, although retailers headed lower after a batch of sales figures confirmed buoyant Christmas trading but raised concern that future trading would pale by comparison.
This morning the FTSE 100 index was off 3.2 points to 5,290.4 and would have been up that much but for a 3.3 per cent fall in Dixons Group and a 2.8 per cent dip in Next.
The index fell more than 30 points in early trading to 5,261.8, responding to a weaker overnight showing on Wall Street before stabilising as US stock index futures edged ahead.
"Wall Street was down a bit yesterday and we took our lead from that. The retailers seem to have run their course ahead of the Christmas trading results. The figures have been very much top of the range," said one trader.
Market volume was a moderate 630 million shares, with FTSE 100 losers just holding the upper hand over gainers as leaders showed moderate moves with Vodafone down 0.5 per cent to 180-3/4 pence while GlaxoSmithKline rose 1.1 per cent.
US stock index futures indicated a steady opening for shares on Wall Street, with the S&P 500 March futures contract last up 1.8 points at 1,168.6.
Retailer Next was one of the worst early performers, as analysts said it could have difficulty maintaining strong growth it reported over the Christmas period.
Next said sales excluding new space in the 23 weeks to January 5th were up 9 per cent on the year earlier, at the top end of the forecast range.