Building supplies group Wolseley said today it had cut 6,000 jobs in the space of a year as it battles deteriorating conditions in its key markets.

The FTSE 100 Index slipped back below the 5900 barrier today as renewed credit crunch concerns put paid to the recent rally.

Heating and plumbing giant Wolseley today said it planned to cut another 1,300 jobs as it battles deteriorating trading conditions in the United States.

Swings in US sentiment played on the Footsie today as London's blue-chips made modest gains on a rollercoaster day.

Wall Street optimism and strong results from blue-chips have helped the London market drive forward.

Strong gains from publisher Reed Elsevier and drinks giant Diageo failed to encourage the FTSE 100 Index to take further steps from the 6,400 barrier today.

British plumbing and building materials supplier Wolseley today said profits were running 14% lower following a downturn in the US housing market.

Declining oil and commodity prices prevented the FTSE 100 Index from today making a stronger recovery after Friday’s drop of more than 70 points.

Investors received a shot in the arm today after the FTSE 100 Index followed the lead of US markets to rise by more than 100 points.

Strong performances from Vodafone and gambling stocks helped the London markets move ahead today.

Shares in London drifted into the red today despite enthusiasm over a potential £1 billion takeover battle in the housebuilding sector.

The London market was back at levels not seen for more than a month after the FTSE 100 Index slipped below the 6000 barrier today.

Build Center chain Wolseley took advantage of a strong housing market in the United States to report a healthy increase in sales and profits today.

Build Center chain Wolseley bucked the tough trading conditions in the UK today with an 11% rise in profits and a forecast of more growth to come.

Top flight shares in the UK extended their gains today after broker upgrades and a rising copper price buoyed miners.

Builders' and plumbers' merchant Wolseley has become the latest company to warn of the potential impact of challenging conditions in the US.