FTSE slips below 6000 level

The FTSE 100 Index continued its torrid run today and slipped below the 6000 barrier as miners came under pressure.

There was a disappointing update from Argos and Homebase owner GUS which did little to improve the mood while losses overnight in Tokyo and New York further dampened spirits.

It sent the Footsie down 40.9 points to 5975.6 by mid-morning and followed a deficit of 50 points in yesterday’s trading session.

The FTSE 250 Index fared little better as it lost 43 points despite huge gains from the London Stock Exchange after US rival Nasdaq bought a 15% share for £447.5 million.

Shares in LSE leapt 14% or 149.5p to 1188p to take it above the 1175p Nasdaq paid for its stake last night. It also represents a massive premium on the 950p a share that Nasdaq was willing to pay before withdrawing its takeover proposal last month.

WH Smith was also in positive territory with a gain of 6% or 23.5p to 431p after it posted half-year results in in line with expectations and announced plans to split its news distribution and retail arms.

But it was not enough to keep the FTSE 250 Index on the front foot as it mirrored the slump by blue-chip stocks today.

A string of miners dominated the fallers board as investors banked profits following yesterday’s strong run by the sector. Kazakhmys lost 4% or 45p to 1160p while BHP Billiton shed 3% or 38p to 1117.5p.

They were joined on the way down by GUS as it warned that underlying earnings from its Homebase operation would disappoint at around £50 million. Shares fell 3% or 32p to 1013p.

Fellow retailers Kingfisher and Next were also on the slide – down 5.5p to 223.25p and 28p to 1618p – although Marks & Spencer continued to sparkle following yesterday’s stunning trading figures.

Shares were up 2p to 588p today.