FTSE struggles despite good signs

The FTSE 100 Index closed up 30.4 points at 4417.9

The FTSE 100 Index has struggled to make headway in spite of a raft of broker upgrades and signs of life in the DIY sector.

ITV's shares surged 13% on hopes of a recovery for the media sector next year, while Credit Suisse upped its ratings on a host of utilities.

But the wider Footsie closed near to its opening mark - up 4.5 points at 4416.2 - as investors paused for breath after posting strong gains on Tuesday due to better than expected US consumer confidence figures.

America's Dow Jones Industrial Average saw a more lacklustre opening, as it also failed to make advances.

But it was a significant day for the pound and oil prices, with Sterling breaking through the 1.6 US dollar mark for the first time in seven months and the cost of crude hitting a new six-month high.

Among London stocks, those in the home improvement sector cheered on recovery signs from small cap Topps Tiles.

Mortgage figures showing lending at an eight-year low failed to dampen the mood, particularly for Home Retail Group, which lifted 8.75p to 235.25p.

Topps cheered 13.5p to 78p after it said current like-for-like sales were down 11.9%, against a fall of 18.5% in its first half.

The performance also offered encouragement for B&Q firm Kingfisher, up 4.6p to 181.9p.

In the FTSE 250, beleaguered ITV has been hit badly by the downturn but Goldman Sachs' more positive view of the outlook helped shares 3.5p up to 31.5p. Small cap Johnston Press, another stock favoured by Goldman, added 0.25p to 24.25p.