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Market Watch


SHARES in Wolseley slipped last week as the City digested yet another round of acquisitions from the FTSE 100 products titan.

Wolseley has made 42 ac-quisitions since last August, but this largesse did not entirely impress investors.

Despite broker Numis reiterating an 'add' rating on Wolseley with a target price of £15.50, the stock was marked down 8p to £13.62.

Numis is hosting a building conference next week to drum up interest in Galliford Try, Morgan Sindall, Rok and Anglo-Irish house builder and contractor McInerney.

With Rok posting a positive trading statement last week, Numis re-iterated an 'add' rating on the shares with a target price of 650p, helping the stock up 17p to 590p. Rival brokerage Teather & Greenwood is less convinced and suggests a less bullish target price of 578p and a 'hold' rating.

T&G analyst David Taylor said: 'Rok had Q1 turnover ahead by 36 per cent on a likefor-like basis and is beginning to reap the benefit of past investments. This is the division Rok has to get right to secure the re-rating it craves.'

Elsewhere among the contractors, Carillion firmed 3.75p to 331.75p on comple - tion of the sale of a small part of Mowlem, the contracting rival acquired earlier this year.

With this deal done, broker Bridgewell reiterated a 'buy' rating on Carillion.

Bridgewell is also positive on Balfour Beatty - ahead 8p at 367p - but neutral on contracting and housing outfit Taylor Woodrow.

Shares in Taywood, which does its best to pretend in the City not to have a contracting arm, firmed 9.75p to 392 .75p, with Numis reiterating an 'add' rating up to a 418p target price.