FTSE closes at 5970.1

Updated 17.23 Wed Jun 04 2008

Keywords: FTSE, London, UK, stock market, market, shares

The FTSE 100 Index ended the session 87.6 points lower at 5970.1.

It is the first time the London market has fallen below the 6,000 mark since April, as a stronger dollar weighed on oil and mining stocks.

Losers: London Stock Exchange down 43p at 918.5p, Vedanta Resources off 102p at 2322p and BP down 23.5p at 581p.

BP was off almost 4 per cent, or 23.5p at 581p, while Royal Dutch Shell registered a 60p fall to 2024p. In a poor day for the sector, BG Group was 35p lower at 1230p, while prospector Cairn Energy shed 124p to 3224p.

Among the miners, the dollar impact on metals prices was compounded by talk that Kazakhmys - 66p lower at 1670p - could sell its near-15 per cent stake in Kazakh stablemate Eurasian Natural Resources. ENR slipped 48p to 1319p.

But the falling oil prices lifted airline British Airways in the opposite direction as the stock gained almost 6 per cent, or 13p to 243.75p. And budget carrier easyJet rose 19.5p to 314.75p in the second tier.

Banks were also lower on funding concerns and credit crunch fears. Halifax Bank of Scotland was off 11.25p at 340.5p and Barclays down 8.25p at 352p.

But Alliance & Leicester was up 3 per cent or 12.25p to 412.5p after a report said Texas Pacific Group, Bradford & Bingley's new American shareholder, was looking at stake-building in other UK banks.

Royal Bank of Scotland was up 4.75p to 249.5p after a broker upgrade.

Winners: British Airways up 13p at 243.75p, Smith & Nephew ahead 21.5p at 581.5p, Smiths up 35p at 1050p and Alliance & Leicester up 12.25p at 412.5p.

Losers: London Stock Exchange down 43p at 918.5p, Vedanta Resources off 102p at 2322p and BP down 23.5p at 581p.