FTSE closes at 6056.5

Updated 17.18 Fri Apr 18 2008

Keywords: markets, London, FTSE

The FTSE 100 Index finished the week above the 6000 mark, closing up 76.1 points at 6056.5.

The London market gained more than 1 per cent after first-quarter results from Citigroup failed to fulfil the worst fears of some traders despite a £2.6 billion loss and billions more in write-downs.

Winners: Schroders up 57p at 1066p, Kingfisher ahead 6.4p to 129.5p, Home Retail Group up 12.25p to 263p and Alliance & Leicester, which gained 23p to 533p

The Citigroup figures helped banks claw back some earlier losses after speculation that Royal Bank of Scotland may appeal to shareholders for billions of pounds in funds.

The NatWest parent - the UK's second biggest bank - dropped more than 3 per cent in early trading.

But it later reversed this into a gain of almost 5 per cent, or 18p to 384p, as investors welcomed a likely end to the uncertainty over the company's balance sheet.

Elsewhere in the sector, Halifax Bank of Scotland, another at the centre of recent speculation over a potential rights issue, was 1 per cent, or 8p, higher at 558p in another turnaround.

Lloyds TSB gained 10.5p to 453.25p, while Alliance & Leicester, which has also faced concerns over its funding position amid the credit crunch, moved into positive territory with a gain of 23p to 533p.

In an otherwise quiet day for corporate news, many blue-chip players also benefited from positive broker comments.

These included Dairy Milk maker Cadbury Schweppes, ahead almost 3 per cent, or 16.5p to 573.5p, after an upbeat note from broker Lehman Brothers, which highlighted the firm as a possible takeover target.

Miners, however, held back even further progress for the wider market after concerns that Kazakhmys and Eurasian Natural Resources could face export taxes on their metals.

Kazakhmys was the leading FTSE faller, off more than 6 per cent, or 110p, to 1610p, while ENR fell 57p to 1215p

Winners: Schroders up 57p at 1066p, Kingfisher ahead 6.4p to 129.5p, Home Retail Group up 12.25p to 263p and Alliance & Leicester, which gained 23p to 533p.

Losers: Kazakhmys which lost 110p to 1610p, ENR down 57p to 1215p, Vedanta Resources off 52p to 2348p and Anglo American, which lost 60p to 3372p.