The cautious nature of Littlewoods’ trading statement caused the disquiet.Still Wickes, the do-it-yourself chain, rose 3.5p to 277.5p – the shares have more than doubled since April’s low – and MFI, the furniture group, added 7p to 119p.Buying in a thin market lifted the non-voting shares of the Schroders investment group 101p to 1,781; the voting stock gained 35p to 1,935p.Harrisons & Crosfield hardened 6.5p to 139p following its US buy and decision to return 56p a share to shareholders. The decision to fine tune year-end prices, used for portfolio valuations, is a clear indication that even the Exchange is prepared to concede the shortcomings of its new order-driven trading system. With many funds using quarterly valuations it would follow the Exchange should carry out price adjustments at least every three months.Doubts returned about seasonal spending, sending most retailers lower Marks & Spencer lost 13p to 597p and Tesco 11p to 496p. The supporting indices also made headway.Today’s Footsie calculations are, for the first time, to be adjusted by the Stock Exchange if it feels final prices are not representative. Such suggestions were hotly denied and with more than pounds 200m in the bank, seemed absurd.But Ionica faces problems and was clearly overpriced in the summer.

It has admitted its national roll-out is nine months behind schedule and teething troubles are restricting capacity and limiting customer sign- ups.The rest of the market, in yet another round of thin trading, scored modest gains which, of course, will help year-end portfolio valuations Footsie, after 32.4 points, ended 19.9 up at 5,132.3. As the bears retired with their profits the telephone group’s directors appeared as buyers. The long retreat was over.During the slide there was wild talk that the group was in danger of breaching its banking covenants and was facing a showdown with institutions. Its problems were then compounded by its sudden and unexpected removal from the FTSE 250 index, which forced tracker funds to unload.The group’s discomfort made it an easy target for bear raiders, who piled on the agony by selling short.But the stock market is a fickle place. For the fledgling telephone group’s recovery has to be seen against a horrendous slide – from 421p.
Since a 390p summertime flotation it has persistently dialled the wrong numbers. As the shares weakened the company produced the sort of gloomy statement which rests uneasily with an expected high flyer.

NatWest sold its investment banking side to Deutsche Morgan Grenfell and Bankers Trust. NatWest continued to hold out against a merger with Barclays. Ginger-haired DJ Chris Evans shocked the nation by raising pounds 85m to buy Virgin Radio.The usual Christmas shopping boom failed to materialise, and retailers started preparing for a sale of pounds 3bn of unsold goods in the new year. The FTSE 100 ended its penultimate full day of trading yesterday at 5,132.3, a 25.8 per cent rise, while the pound looked set to end the year at DM2.97, up 13 per cent.. Any share which more than doubles in the seven trading days of Christmas should have enjoyed a truly joyful ride. But not Ionica, which climbed from 60p to close at 134.5p, up a further 11p It remains desperately short of any festive cheer.