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Market Watch


SHARES in Berkeley hit record levels as the house builder bought the 50 per cent it does not already own in developer St James from German utility RWE Thames Water for £97.5 million.

With nearly 60 million shares traded, the stock hit £13.05 at one stage last week before reaching Friday's close ahead 26p at £13.03.

Bovis is another house builder trading close to record levels after releasing half-year results and it put on another 10p, rising to 937p, despite Numis reiterating a 'hold' rating.

Aggreko is also riding high and benefited from an upgrade by broker DrKW, which is encouraged by the power hirer's outlook.

DrKW raised its rating from 'add' to 'hold', with the target price upped 30p to 310p.

DrKW also reiterated 'buy' ratings on consultants WSP and White Young Green, which prompted interest.

Enterprise firmed 2.5p to 466p after releasing results early last week that led to Bridgewell upping its rating from 'buy' to 'overweight'.

Early this week, Wolseley was marked down despite buoyant results.

Results released by Wolseley for the year to June 2006 showing a £104 million rise in pre-tax profits to £769 million dampened concerns about the effect of a slowdown in the US housing market.

The reason behind the fall in the stock's price was a proposal to issue new shares to fund the group's aggressive acquisition strategy and pay off some of the debts from the acquisition earlier this year of Danish materials distributor DT.