FTSE retreats from 21-month high

Wednesday, 07 April 2010 11:51

By myfinances.co.uk staff

The FTSE 100 Index lost 19.51 points, or 0.3 per cent, to 5,760.84 as commodity producers followed energy prices lower.

BP and Petrofac dropped as crude oil retreated from $87 a barrel. BHP Billiton, the world's largest mining company, led metal producers lower.

BP lost 0.6 per cent to 642.60p. Petrofac declined 2.1 per cent to 1,239p, paring some of yesterday's 6.4 per cent rally. EnQuest, the North Sea oil company formed from assets belonging to Petrofac and Lundin Petroleum AB, lost 3.1 per cent to 100.5p. Cairn Energy decreased 0.4 per cent to 438.2p.

Crude oil for May delivery lost 0.1 per cent to $86.73 a barrel in New York after briefly touching $87 a barrel. The contract rose yesterday on signs that US economic growth will accelerate, bolstering demand for fuel.

BHP declined 1.6 per cent to 2,297p as base metals including copper and nickel fell on the London Metal Exchange. Xstrata, the world's fourth-largest copper producer, lost 1.7 per cent to 1,298p. Vedanta Resources slid 1.2 per cent to 2,900p.

Man Group surged 14.6p, or 5.8 per cent, to 266.6p after the biggest publicly traded hedge-fund manager said the net asset value for its main fund AHL climbed 3.81 per cent last week.

Marston's gained 1.6p, or 1.7 per cent, to 96.05p after the UK pub owner that runs the Pitcher & Piano chain said it remains "on track to meet expectations for the financial year."

Next climbed 39p, or 1.8 per cent, to 2,248p as Citigroup raised its recommendation for the retailer to "buy" from "hold."

• Tags:
• news
,
• share prices