Wolseley shares hit FTSE low point

Builders merchant group Wolseley saw their share price plummet on Friday.
Wolseley were the biggest fallers in the FTSE 100 index on Friday, when shares dropped 16p to 388p.

The building materials group is so heavily exposed to the weak US housing market that shares have been under severe pressure for the last year. They improved at the end of May only because of rumours that US giant Home Depot was about to pounce.

Stockbrokers ABN Amro have downgraded their recommendation from hold to sell on concerns that the group will have to announce a rights issue to raise around £1bn.