FTSE Climbs Close to Record as Barratt Gains

The FTSE 100 inched towards a record high as Barratt Developments published a strong trading update, and gained 24.5p. The company reported pre-tax profits that remained strong - at the upper end of their expectations, and said that increased competition in the mortgage market had helped to create a wider availability of attractive mortgage options. This, combined with the Help to Buy initiative, supported strong consumer demand.

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shareprices.com - Thursday, May 11, 2017

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Analysts were quick to upgrade their forecasts, saying that the report was just one of many good pieces of news for Barratt shareholders. In February, the group added some special dividends to their plans, and now they are reporting growth ahead of schedule. This news helped to boost not just Barratt Developments, but other house builders as well. Taylor Wimpey are up by 1.5 percent, and Persimmon are up by 1.5 percent, and the FTSE 100 overall is up by 15 points.

UK domestic stocks increased by 15 points, or 0.2 percent during the early hours of trading, with UK domestic stocks also putting in a good performance, and the pound made some gains against the dollar.

ABF, the owner of Primark, is up by 2.5 percent, while Marks and Spencer is up by 1.5 percent, and Kingfisher is up by 1.5 percent. Next gained two percent, boosted by a ‘buy’ rating from Investec.

ITV was one of the few domestic companies to perform poorly, shedding 2.1 percent after it reported that revenues could fall by as much as 20 percent in June.

 

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