Retail stocks bucked the trend as traders closed short positions ahead of the start of the Christmas reporting season.

Next, which starts the ball rolling with an update this morning, gained 2.6 per cent to £16.66, while Marks and Spencer improved 0.1 per cent to 560½p, DSG International advanced 8.1 per cent to 107¼p and WH Smith rose 4.5 per cent to 340¾p.