FTSE down on house price figures

The release of gloomy new US house price data has pushed down the FTSE 100, after its recent sharp rises.

Over the day''s trading, the flagship index has registered a 30.68 point drop to 5,415.60, while the Dow Jones Industrial average has fallen by 40 points.

This comes despite the markets'' relief over the US government''s decision to take over mortgage lending giants Fannie Mae and Freddie Mac over the weekend, a move which caused such investor excitement that the London Stock Exchange briefly shut down yesterday morning.

Commenting on the latest housing figures to the Guardian, Dimitry Fleming at ING Bank said: "Supply is still twice the long term average, leaving little doubt that the US housing market is still very weak."

The biggest winner on the FTSE today is Barclays, up 10.75 points or 3.03 per cent at the close

On the other hand, the biggest loser is Kazakhmys, down 92.50 points or 9.28 per cent, closing at a share price of 904.5 pence per share

The mining and metals company has recently reported a 23 per cent drop in profits, causing the loss in investor confidence.