FTSE closes at 5888.5

A downturn on the New York stock exchange pushed the FTSE index down 43.7 points by the close to 5888.5.

Trading had been steady for much of the day until a 0.5 per cent drop for the Dow Jones Industrial Average filtered through to the London markets.

Lloyds TSB rose nearly 5 per cent after it announced underlying pre-tax profits of £3.9 billion for 2007.

The news pushed Lloyds shares up 20.75p to 457.5p and boosted other banks' fortunes.

Alliance & Leicester was up 6 per cent or 30.5p to 510p while NatWest parent company Royal Bank of Scotland's shares were up 4p at 378p.

But retailers suffered after department store chain John Lewis announced a 3.4 per cent drop in sales in the week to February 16.

Next shares fell 66p to 1291p and with Marks & Spencer dropped 19p to 398.5p.

Argos owner Home Retail Group joined the slide, dropping 12.5p to 267.5p, and supermarket Sainsbury's fell 15p to 358p.

Winners: British Energy up 21p to 552p; Centrica up 10.5p at 324.5p; Biffa up 3p at 368p.

Losers: Vedanta Resources, down 124p to 2137p; pub chain JD Wetherspoon, down 20p to 307.25p; accountancy software company Sage, down 9.25p at 208p; Bellway Homes falling 20.5p to 546p.

© Independent Television News Limited 2008. All rights reserved.

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