Footsie shows its positive properties

THE property sector gave the FTSE 100 Index a boost yesterday during an otherwise quiet session, with American markets closed for Thanksgiving.

As tensions on the Korean peninsula cooled, the London market resisted ongoing concerns from the eurozone debt crisis and closed 41.83 points ahead at 5,698.93.

Michael Hewson, market analyst at CMC Markets, said: "Volumes have been fairly light in spite of continued concerns about rising bond yields in peripheral European countries."

The pound dipped slightly against most currencies after Bank of England members gave testimony to the Treasury select committee on the outlook for the UK economy. It fell to $1.57 against the dollar and €1.17 against the euro.

Capital Shopping Centres surged 13 per cent, or 43.6p, to 381p, to the top of the risers board after a major shareholder revealed it was interested in making an offer for the firm, which was created earlier this year through the de-merger of Liberty International.

Simon Property Group, which is the largest US shopping centre owner, wants Capital to delay its proposed acquisition of Manchester's Trafford Centre until it has the chance to present its possible bid.

The development fired up shares across the property sector, with Hammerson up 18.4p to 405.8p, British Land 13.8p higher at 492p and Land Securities 15p stronger at 654.5p.

Other risers included Marks & Spencer after Arden Partners upped its rating on the stock to "buy" from "neutral" and said the cold weather offered the ideal trading conditions for clothing retailers ahead of Christmas.

M&S shares rose 9.1p to 384.1p, while elsewhere in the retail sector B&Q-owner Kingfisher added 5.3p to 249.5p and Sainsbury's lifted 7.2p to 365.3p.

In the FTSE 250 Index, shares in engineering design consultancy WS Atkins rose 2 per cent or 17p to 714.5p after a 2 per cent rise in underlying half-year profits prompted Numis Securities to introduce a "buy" recommendation on the stock.

Traders were also focused on results from Dixons Retail and Daily Mail & General Trust.

The newspaper group reported strong annual results but shares fell back 4 per cent or 20p to 544.5p as accounting changes hit forecasts and analysts noted the firm's continued cautious assessment of trading prospects.

Dixons fell 0.1p to 26.5p as chief executive John Browett delivered solid first half results but highlighted the competitive and tough conditions in store for the PC World and Currys chain over the Christmas trading period.

Fashion retailer Alexon was also lower, surrendering an initial positive start after it revealed a pick-up in sales over the past three weeks following a difficult autumn trading period. Shares fell 0.7p to 12.5p.

Oil and gas explorer Bowleven was the toast of the Scottish stocks after the Edinburgh-based minnow announced another successful drilling test off Cameroon.Shares closed up 6.5 per cent or 20.5p at 338p.

Dunfermline-based eye scanner maker Optos continued to ascend following this week's full-year results, which revealed a swing back into the black. Optos closed up a further 4.5 per cent or 5.5p at 129p.