FTSE 100 closes below 6,000 benchmark

The FTSE 100 closed lower as housing stocks tumbled

Investors flee from News of the World as corporate backlash gathers pace

News Corporation saw its shares drop 3.6 per cent in New York yesterday amid fresh phone hacking allegations and doubts over the proposed BSkyB merger.
FTSE 100 closes higher

The FTSE 100 has steadied slightly to close 21.75 points higher than Friday's close but still remains below the 4,000 mark.

Tuesday, 10 June 2008 12:00

The FTSE 100 closed at 5,827.30, 50.30 points down from the previous close as housebuilders took a hammering.

Goldman Sachs downgraded developer Persimmon from 'neutral' to 'sell' and a Rics housing survey revealed transaction levels are at their lowest for 30 years today, a combination which caused stocks to plummet.

Barratt Developments saw its shares lose 24.22 per cent of their value to 91.50p, while Persimmon fell 9.62 per cent to 387.50p.

Banks were also among the losers on the index today, with HBOS and Alliance & Leicester registering falls of 4.89 per cent and 4.53 per cent respectively.

Among the winners today, miner Kazakhmys rose 2.27 per cent on the news it had acquired a stake in its peer ENRC, while bid speculation pushed up energy company Drax by 6.08 per cent.