FTSE closes at 6181.6

Last Modified: 22 May 2008
Source: ITN

The FTSE 100 Index has closed down 16.5 points at 6181.6.

The retail sector enjoyed better fortunes than in recent weeks after the Office for National Statistics sales data showed better than expected figures for April.

B&Q owner Kingfisher was at the top of the pile, closing 2.4p ahead at 137.3p.

Next followed with a gain of 19p to 1222p, while Tesco and Sainsbury also saw shares lift more than 1 per cent, up 6.5p at 422p and 4.75p at 344.75 respectively.

Record oil prices above $135 a barrel had been good for oil giants, but as oil prices later slipped back, BP and Royal Dutch Shell gave back gains.

BP closed down 3.25p at 646.5p while Shell ended the day down 43p at 2169p.

Travel firms and airlines also saw a reversal of fortunes.

British Airways had seen shares fall below £2 for the first time, but a 5 per cent rise late in the session saw them end the day up 9.5p at 212.25p.

Telecoms company Cable & Wireless made progress after annual results came in ahead of expectations, as it signalled it may be ready to consider a possible demerger.

Cable shares reacted with a gain of nearly 3 per cent or 4.1p to 156.6p.

Dairy Milk maker Cadbury was also one of the leading risers, up 16.5p to 698p after speculation of a possible takeover rippled through the market. Traders talked of a possible deal with US giant Hershey or Kraft.

But falls for bank stocks came after downbeat comments from broker Keefe Bruyette & Woods. Barclays was the leading victim, down 6p at 392p.

The London Stock Exchange was the biggest faller, off nearly 5 per cent or 50p to 1038p despite results in line with expectation and an "encouraging" start to the new year as some analysts fretted over increasing competition.

Winners: British Airways up 9.5p at 212.25p, Scottish & Southern up 42p at 1469p and Cable & Wireless up 4.1p at 156.6p.

Losers: LSE down 50p at 1038p, Imperial Tobacco down 92p at 2095p, Cairn Energy off 143p at 3538p and BG Group down 47p at 1347p.

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