Good news from US gives Wolseley a boost

Published:  01 October, 2010

UK: A spark of activity in the US housing market lifted Wolseley’s gains. The plumbing and heating giant claimed top position on the FTSE’s benchmark index, adding more than 6%, or 96p, to 1,591p on the back of new US mortgage data.

The Mortgage Bankers Association said total mortgage applications had slipped for a fourth consecutive week, led by a decline in refinancing – but evidence that demand for loans to buy homes had risen for the first time in three weeks offered some relief over the prospects for the US – the world’s largest economy. That sparked interest in Wolseley, which has operations in America.

The company’ finance chief John Martin picked up more than 10 000 shares.

BP was the second strongest blue chip of the day, adding 15.85p to 421p as the company announced the departure of Andy Inglis, the head of its exploration division, and unveiled a shake-up of its safety operations.

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