FTSE down despite strong oil and miners

High metal prices and escalating crude oil costs softened the losses for the FTSE 100 today, closing 24.60 points (0.42%) down to 5891.30.

HBOS’ poor forecast for the UK housing market pummelled Wolseley; the plumbing firm led the losses down 5.68% to 531.50.

Insurers were among the worst performers, with Legal & General at the forefront, down 5.22% to 128.90. Cruise ship operator Carnival was also smashed, down 5.16% to 2040.

International Power was the best performer on a strong day for the sector, 3.73% higher to 430.50.

Oil giants did well as crude pirce pushed $104 a barrel, with BG Group up 3.47% to 1164. Environmental services group Severn Trent did well also, closing ahead 2.76% to 1453.

In New York, the Dow Jones IA has bounced back from a sluggish opening to be sitting slightly lower in morning trading, currently down 13.76 points (0.11%) to 12592.07.

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