Merchants share rise on positive stock market sentiment
Published: 23 June, 2011
LONDON: Share prices rose for Britain's two biggest merchants. The decision by ING to upgrade its advice on Wolseley to "buy" helped the builders and plumbers' merchant to shift 81p higher to 1,965p, yesterday despite the broker predicting the group will lose market share in the UK to Travis Perkins.
Travis shares were up 15.5p to 1,011p. ING's analysts said Wolseley is likely to focus on US markets where the "housing market offers a buying opportunity... with US sentiment at the peak of negativity and the first signs of improvement".