FTSE closes at 5528.1

Last Modified: 27 Aug 2008
Source: ITN

The FTSE 100 index closed 57.4 points up at 5528.1 despite pressure on housebuilders.

Taylor Wimpey shares fell 7 per cent after the firm unveiled huge write-downs and failed to agree a deal with banks so far over its £1.7 billion debt burden.

But better news for the US economy and stronger oil prices helped the London market rally.

Oil prices rose above $119 a barrel as US inventories fell and fears over the impact of Hurricane Gustav in the Gulf of Mexico lingered.

Oil and gas services firm Petrofac was the leading performer, up 37p to 629.5p, after half-year net profits jumped 57 per cent.

Security business G4S followed close behind, with shares jumping 12.5p to 224p after it reported a 26 per cent rise in interim profits.

South American copper miner Antofagasta also impressed the City with forecast-beating results, and was rewarded with a gain of 22p to 592p.

Other players in the sector making progress included Eurasian Natural Resources and Kazakhmys, which added 42p to 1043p and 28p to 1339p respectively.

The leading FTSE faller was pubs group Enterprise Inns, down more than 4 per cent or 14p to 307.5p, after a broker downgrade from Cazenove.

The leading FTSE risers were Petrofac up 37p to 629.5p, G4S ahead 12.5p at 224p, Cairn Energy up 131p at 2911p and ENR ahead 42p to 1043p.

The four worst performers were Enterprise Inns down 14p to 307.5p, Admiral off 28.5p at 931p, British Land down 22p to 724.5p and Next off 28p at 1015p.

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