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FTSE 100 rises as Persimmon update boosts housebuilders FTSE 100 bolstered by Persimmon update
(about 4 hours later)
Persimmon helped to lift the London market after the housebuilder reported strong sales growth. Housebuilder Persimmon boosted the London market after the company reported strong sales growth.
The company said private sales in the second half of the year were up 15% from a year earlier.The company said private sales in the second half of the year were up 15% from a year earlier.
For the year as a whole, it completed the sale of 15,171 homes, a rise of 4%, while revenues climbed 8% to £3.14bn.For the year as a whole, it completed the sale of 15,171 homes, a rise of 4%, while revenues climbed 8% to £3.14bn.
Shares in Persimmon rose 3.7%, and its statement helped to lift shares across the sector. Barratt Developments added 2% while Taylor Wimpey rose 1.9%. Shares in Persimmon rose 5.5%, and its statement helped to lift shares across the sector. Barratt Developments added 2.4% while Taylor Wimpey rose 4%.
The FTSE 100, which closed at yet another record high on Wednesday, was up 5.83 points at 7,195.57 in early trade. The FTSE 100, which closed at yet another record high on Wednesday, set a fresh intra-day high of 7,211.96 in early trade before slipping back. However, by midday it was still up 2.76 points at 7,192.50.
Shares in Next were down a further 2%. On Wednesday, the retailer's shares had sunk 14% after it reported falling sales in the run-up to Christmas and issued a downbeat forecast for 2017. Rolls-Royce was the worst performing share in the FTSE 100. It fell 4% to 640.50p after JP Morgan reduced its price target for the stock.
On the currency markets, the pound fell 0.2% against the dollar to $1.2299 and dropped 0.6% against the euro to €1.1682. Shares in Next dipped 0.2%. On Wednesday, the retailer's shares had sunk 14% after it reported falling sales in the run-up to Christmas and issued a downbeat forecast for 2017.
On the currency markets, the pound fell 0.1% against the dollar to $1.2311 and dropped 0.2% against the euro to €1.1725.