FTSE closes at 5692.9

Last Modified: 28 Mar 2008
Source: ITN

The FTSE 100 Index has drifted into the red, closing down 24.6 points at 5692.9.

Housebuilder Persimmon topped the FTSE fallers board with a drop of 5 per cent or 40p to 749.5p as recent volatility in housebuilding shares continued after downbeat price data from building society Nationwide.

British Airways suffered share price misery in the wake of the high-profile problems hitting the opening of Heathrow's Terminal 5, with shares dropping 7.25p to 240p, or 3 per cent.

In the banking sector, Halifax Bank of Scotland and Alliance & Leicester fell 17.5p to 540p and 17p to 523.5p respectively as the stocks ended the week on the back foot after recent gains.

Sentiment towards retailers was also weak after the release of poor consumer confidence figures. Marks & Spencer dipped 3 per cent or 12.5p to 396.25p, while Next was off 37p at 1161p.

Among the miners Vedanta Resources set the pace, 67p stronger at 2133p, closely followed by Antofagasta, up 18p to 675.5p.

But Enterprise Inns led the risers after tax and legal advice indicated it should be in a position to covert to tax-efficient REIT status, boosting potential returns to shareholders.

With trading also in line with expectations, Enterprise shares rose more than 12 per cent, or 45.75p to 409.75p.

Elsewhere in the pubs sector, Punch Taverns lifted 7 per cent - or 35.5p to 554p - amid relief over its decision not to pursue a potential merger with rival Mitchells & Butlers.

Winners: Enterprise Inns up 45.75p at 409.75p, Vedanta Resources ahead 67p at 2133p, Cable & Wireless up 4.1p at 149.2p and Antofagasta up 18p at 675.5p.

Losers: Persimmon down 40p at 749.5p, British Land off 31.5p at 902.5p, Alliance & Leicester off 17p at 523.5p and HBOS down 17.5p at 540p.

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