Stock markets uncover value of timber
Published: 22 February, 2010
LONDON: Wolseley shares increased 20p to £14.65 after analysts at MF Global pointed out last week that the market had missed the fact that timber prices have significantly improved over the last few weeks.
Tobias Woerner, analyst at MF Global, said: "There is a direct and an indirect read-across from a significantly higher lumber price (now at $274 (£175) vs a low of $138 and the Wolseley 2009 average of $184)."
However, Wolseley was in demand last week as the blue-chip index rose for the eighth time in nine days.