UK retailers give managers a lift after surprise Xmas sales boost

Better than expected results at some of the UK's major retailers gave a lift to UK fund managers today as Xmas numbers beat gloomy forecasts.

Dixons Retail, owner of Currys and PC world, said it had a robust festive period with sales up 7% on the previous year, while Argos owner Home Retail reported a 2.7% rise in store sales. Both groups - which have already enjoyed strong gains in terms of their share prices over the last 12 months - both saw shares climb. Dixons was up 0.55p, or 2%, at 27.66p by mid-afternoon, while Home Retail Group has gained a huge 11.9% today, up 14.4p at 135.9p. A number of managers who have braved the high street in recent months by buying up shares in retailers enjoyed the benefits today. In...