FTSE closes at 6204.7

Last Modified: 09 May 2008
Source: ITN

The FTSE 100 Index has closed down 66.1 points at 6204.7.

Banks and mining stocks featured on the fallers board as market nerves were frayed by oil prices, which reached a new record at more than $126 dollars a barrel.

Carphone Warehouse was the session's worst performer as investors expressed disappointment at Thursday's announcement of a £1.1 billion deal with US group Best Buy.

By the end of trading the firm's shares had dropped 21p to 268p.

A downgrade for Barclays by broker Pali International sent the high street banking giant into the red, down 11.5p to 451.5p.

Its rivals also suffered, with Royal Bank of Scotland off 10.5p at 347p, Halifax Bank of Scotland down 8.5p at 505p and Lloyds TSB shedding 10.75p to 433p.

Miners were in negative territory as Kazakhmys fell nearly 7 per cent or 128p to 1786p after revealing it had rejected an approach from Kazakh rival Eurasian Natural Resources, which was 19p better at 1307p.

Elsewhere in the sector, Antofagasta was off 32.5p at 777p and Vedanta Resources down 97p at 2400p.

Nuclear power provider British Energy was also a loser as speculation swirled over the group's takeover saga. The group's shares shed 14p to 701p.

British Airways was hit again by rising oil prices - dropping 10.25p to 228.25p as investors braced themselves for more fuel hikes.

Supermarkets fared better, with Morrisons up 2p at 290p and rival Sainsbury's 3.5p better at 398.75p.

Another late gainer was leisure and pubs group Whitbread, up 23p to 1395p after entrepreneur Robert Tchenguiz emerged with a 3 per cent stake in the firm.

Winners: Experian, up 14.25p to 421.25p, Whitbread ahead 23p to 1395p, Eurasian Natural Resources up 19p to 1307p and Unilever ahead 23p at 1775p.

Losers: Carphone Warehouse, down 21p to 268p, Kazakhmys off 128p at 1786p, Sage down 12.75p at 213.75p and Persimmon, which was 35.5p lower at 604.5p.

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