Building recovery puts Travis in FTSE
Published: 12 June, 2013
Following yesterday's announcement, Travis Perkins and housebuilder Persimmon have been accepted onto the FTSE 100 index.
Now worth £3.7bn, this is the first time that Travis Perkins has entered the index. Persimmon, which was last a member of the FTSE 100 in 2008, has re-entered at a value of £3.6bn.
Investor confidence in the housing market's recovery is reflected in the elevation of recently listed builder Crest Nicholson and estate agent Countrywide to the FTSE 250.
Barratt Developments and Taylor Wimpey, which lost blue-chip status just before Persimmon as the credit crunch took hold, have seen their market valuations rebuilt to £3bn to move them within sight of promotion.
Last week’s construction industry data showed UK housebuilding expanding at its fastest pace for more than two years and a recent property survey by the Royal Institute of Chartered Surveyors showed the number of houses sold in the UK at its highest level in three-and-a-half years in the three months to the end of May.