House builders enjoyed a share price rally this morning as Barratt’s near £600 million loss came in marginally below analysts’ expectations.
Barratt’s share price was up 8 per cent in early trading while Persimmon rose 9 per cent and Bellway 10 per cent.
Kier which reported a £26.4 million profit, albeit 41 per cent down on last year, saw its price rise marginally by 0.3 per cent.
And Morgan Sindall which posted record profits yesterday was up 16 per cent.
The majority of firms across the industry enjoyed a rise in share price with the FTSE 350 Construction and Materials index up 2.5 per cent to 3,440 points.
The FTSE 350 Support Services index rose 1.7 per cent to 2,568 points and the FTSE 100 was up 1.4 per cent to 3,868 points.