Wolseley shares rise on RMI hopes

Plumbers and builders merchant group Wolseley saw its shares rise to their highest point since early 2009 thanks to high hopes for the repair, maintenance and improvement sector.

Wolseley shares rise on RMI hopes

Shares hit 1789p today (November 4), a few days after Credit Suisse promoted builders merchants rather than housebuilders, saying that the latter were expected to suffer from “a vacuum of positive catalysts in the coming months – from consumer confidence to bank lending”.

Credit Suisse says it expects to see an increasing trend of ‘improving not moving’ in both the residential and non-residential sectors.

Wolseley’s rival Travis Perkins recovered slightly to 859p from earlier falls on the back of concern about the proposed take-over of BSS Group – the decision on which has been delayed by the OFT.

About Fiona Russell-Horne

Group Managing Editor across the BMJ portfolio.

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