Travis boosts stock market
Published: 31 July, 2009
LONDON: Merchant share price performance has boosted the stock market. The FTSE was at a six-month high yesterday. It closed up 84.1 points or 1.8% at 4631.6 – the best finish since January 6.
Better than expected performance from the merchant sector, especially by Travis Perkins which soared more than 13% in the FTSE 250, helped recovery of share prices.
Travis shares are currently the top riser in the FTSE 250, up 65p, or 9.3%, at 765p outperforming a wider index up around 1%. The move helped lift its FTSE 100 rival Wolseley. Its shares rose 93p, or 7.8%, to £12.83.
The benchmark index recovery appears back on track after a blip on Tuesday that saw it narrowly missed out on a record-breaking 12-day rally.
Shares in Irish DIY group and builders merchant Grafton remained steady on the Irish stock market rising 2% to €3.04. The company's performance has been buoyed by better than expected results by UK merchants.