Market Report: Travis Perkins gets built up to top spot

Punters were betting that builders' merchants will benefit from the stream of new homeowners. New data yesterday revealed that house prices, mortgage approvals and home sales are all up. Investors think the strong housing market will prove a tonic for the new blue-chip entrant Travis Perkins, the builders' merchant that also owns Wickes. It built up more than a 5 per cent gain and took the top spot on the benchmark index yesterday.

House prices rose at their strongest rate in almost six years last month, increasing across almost a third of the country, figures from the property analysts Hometrack found, while manufacturing data and mortgage applications in the UK were a big improvement on last month.

Travis Perkins continues to climb after recent lows, analysts at Liberum Capital noted, and they rated it a buy. A year ago the stock was at the 970p level.

The Wickes owner came top in a rising market and constructed a 75p advantage to 1,531p. It was joined by the house builder Persimmon, up 59p to 1,240p.

After finishing both the month and the quarter down last week, the benchmark index advanced yesterday – on the first day in the job for the Bank of England Governor, Mark Carney. The FTSE 100 managed a 92.31 points rise to 6,307.78, breaking the 6,300 barrier for the first time since mid-June. Its lift was helped by encouraging UK manufacturing data and as-expected Chinese purchasing data.

The Chinese manufacturing news helped miners to recover and Antofagasta charged ahead 37.5p to 832.5p.

Tullow Oil gushed 48p to 1,049p, ahead of a trading update due tomorrow. Analysts at Nomura upgraded the company's stock from "reduce"' to "neutral".

Some thought this day would never come... the banking bear Ian Gordon, from Investec, now thinks it is the right time to buy Royal Bank of Scotland shares. He thinks that despite the Chancellor's "alarming Mansion House comments" on bank privatisation, the "damage may yet be avoided".

He thinks now the shares have collapsed it is right to defer the RBS share sale and "it is the time to buy!" He rates it a buy with a 310p price target for shares that gathered 8.4p to 281.9p.

Close to the bottom of the pile was the publisher Pearson. It retreated as the company announced the completion of its joint venture with Bertelsmann to create Penguin Random House. Pearson declined 9p to 1,162p.

On the mid-cap index, the energy services group Hunting said trading was in line with expectations, and it powered ahead 66p to 798p.

Investors dialled up the Aim-listed mobile payments group Monitise when it announced a multi-million-pound deal with the Spanish telecoms giant Telefonica. Monitise's house broker, Canaccord Genuity, reckoned the deal is a "game-changing contract" valued at the same size as Monitise's deal with Visa this year of around €45m (£39m).

Telefonica's digital arm has signed a five-year deal with Monitise to focus on UK customers initially, with overseas expansion to come. Investors piled in and it rose 1.75p to 36.25p.

Aim-listed Fox Marble, which exports Kosovan marble from the area which supplied marble for the construction of the White House in Washington, said it had agreed a deal to supply cut and polished marble to the UK wholesaler Pisani in the UK. It was 0.25p stronger at 17.5p.

Gemfields' postponed June emeralds auction will now take place later this month, so revenue from the sales will be recognised in the next financial year. Gemfields had to postpone the auction due to a crackdown by the Zambian authorities. It was scheduled to take place in Singapore, but the Zambian ministry of mines now requires that gems excavated in the country be auctioned in Zambia. The sales will now take place in Lusaka between 15-19 July, and Gemfields declined 1.38p to 21.88p.

The security products group Petards said it had made an offer for the waste management services group Water Hall. Petards will issue 12.5 new shares and £2 nominal convertible loan notes per 100 shares in Water Hall to fund its buyout. This values Water Hall, which owns 30 per cent of Petards, at about £3.56m. Petards dipped 2p to 14.5p as Water Hall bubbled up 0.38p to 2.38p.

Arts & Entertainment
Madonna in her music video for 'Like A Virgin'
music... and other misheard song lyrics
News
Waitrose will be bringing in more manned tills
newsOverheard in Waitrose: documenting the chatter in 'Britain's poshest supermarket'
News
Russia's President Vladimir Putin gives his annual televised question-and-answer session
peopleBizarre TV claim
Arts & Entertainment
Martin Freeman as Lester Nygaard in the TV adaptation of 'Fargo'
tv
VIDEO
Arts & Entertainment
tvIt might all be getting a bit much, but this is still the some of the finest TV ever made, says Grace Dent
News
peopleStar to remain in hospital for up to 27 days to get over allergic reaction
Arts & Entertainment
Comedian Lenny Henry is calling for more regulation to support ethnic actors on TV
tvActor and comedian leads campaign against 'lack of diversity' in British television
News
The energy drink MosKa was banned for containing a heavy dose of the popular erectile dysfunction Levitra
news
Arts & Entertainment
The Honesty Policy is a group of anonymous Muslims who believe that the community needs a space to express itself without shame or judgement
music
News
Who makes you happy?
happy listSend your nominations now for the Independent on Sunday Happy List
Life & Style
life
Life & Style
fashion
News
weird news
Sport
Pablo Larrazabal jumps into a pond in Kuala Lumpur to escape a swarm of hornets
videoSpain's Pablo Larrazabal's had a refreshing solution
Arts & Entertainment
Ian Anderson, the leader of British rock band Jethro Tull, (right) and British guitar player Martin Barre (left) perform on stage
musicJethro Tull frontman leads ‘prog rock’ revival
Life & Style
Father and son: Michael Williams with son Edmund
lifeAs his son’s bar mitzvah approaches, CofE-raised Michael Williams describes the unexpected joys he’s experienced in learning about his family’s other faith
Sport
Jonathan Trott will take a second break from cricket after suffering a repeat of the stress-related illness that forced him out of the Ashes tour of Australia
sport
Sport
Gareth Bale dribbled from inside his own half and finished calmly late in the final to hand Real a 2-1 win at the Mestalla in Valencia
sport
Have you tried new the Independent Digital Edition iPad app?
Independent Dating
and  

By clicking 'Search' you
are agreeing to our
Terms of Use.

iJobs Job Widget
iJobs Money & Business

1st Line Helpdesk Engineer Apprentice

£150.00 per week: QA Apprenticeships: This company has been providing on site ...

Telesales & Sales Support Apprentice

£221.25 per week: QA Apprenticeships: This company is a well established Inter...

Client Relationship Manager - SQL, Python

£40000 - £50000 per annum: Harrington Starr: Client Relationship Manager - SQL...

**Financial Services Tax**

£35000 - £50000 per annum: Pro-Recruitment Group: Take your chance to join the...

Day In a Page

How I brokered a peace deal with Robert Mugabe: Roy Agyemang reveals the delicate diplomacy needed to get Zimbabwe’s President to sit down with the BBC

How I brokered a peace deal with Robert Mugabe

Roy Agyemang reveals the delicate diplomacy needed to get Zimbabwe’s President to sit down with the BBC
Video of British Muslims dancing to Pharrell Williams's hit Happy attacked as 'sinful'

British Muslims's Happy video attacked as 'sinful'

The four-minute clip by Honesty Policy has had more than 300,000 hits on YouTube
Church of England-raised Michael Williams describes the unexpected joys in learning about his family's Jewish faith

Michael Williams: Do as I do, not as I pray

Church of England-raised Williams describes the unexpected joys in learning about his family's Jewish faith
A History of the First World War in 100 moments: A visit to the Front Line by the Prime Minister's wife

A History of the First World War in 100 moments

A visit to the Front Line by the Prime Minister's wife
Comedian Jenny Collier: 'Sexism I experienced on stand-up circuit should be extinct'

Jenny Collier: 'Sexism on stand-up circuit should be extinct'

The comedian's appearance at a show on the eve of International Women's Day was cancelled because they had "too many women" on the bill
Cannes Film Festival: Ken Loach and Mike Leigh to fight it out for the Palme d'Or

Cannes Film Festival

Ken Loach and Mike Leigh to fight it out for the Palme d'Or
The concept album makes surprise top ten return with neolithic opus from Jethro Tull's Ian Anderson

The concept album makes surprise top ten return

Neolithic opus from Jethro Tull's Ian Anderson is unexpected success
Lichen is the surprise new ingredient on fine-dining menus, thanks to our love of Scandinavian and Indian cuisines

Lichen is surprise new ingredient on fine-dining menus

Emily Jupp discovers how it can give a unique, smoky flavour to our cooking
10 best baking books

10 best baking books

Planning a spot of baking this bank holiday weekend? From old favourites to new releases, here’s ten cookbooks for you
Jury still out on Manchester City boss Manuel Pellegrini

Jury still out on Pellegrini

Draw with Sunderland raises questions over Manchester City manager's ability to motivate and unify his players
Ben Stokes: 'Punching lockers isn't way forward'

Ben Stokes: 'Punching lockers isn't way forward'

The all-rounder has been hailed as future star after Ashes debut but incident in Caribbean added to doubts about discipline. Jon Culley meets a man looking to control his emotions
Mark Johnston: First £1 million jackpot spurs him on

Mark Johnston: First £1 million jackpot spurs him on

The most prize money ever at an All-Weather race day is up for grabs at Lingfield on Friday, and the record-breaking trainer tells Jon Freeman how times have changed
Ricky Gervais: 'People are waiting for me to fail. If you think it's awful, then just don't watch it'

Ricky Gervais: 'People are waiting for me to fail'

As the second series of his divisive sitcom 'Derek' hits screens, the comedian tells James Rampton why he'll never bow to the critics who habitually circle his work
Mad Men series 7, TV review: The suits are still sharp, but Don Draper has lost his edge

Mad Men returns for a final fling

The suits are still sharp, but Don Draper has lost his edge
Google finds a lift into space will never get off the ground as there is no material strong enough for a cable from Earth into orbit

Google finds a lift into space will never get off the ground

Technology giant’s scientists say there is no material strong enough for a cable from Earth into orbit