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Market Watch


STEEL company Corus has returned to the FTSE 100.

Shares in the reviving giant lost 0.75p to 74p as Corus replaced ports firm P&O ? the owner of the Bovis construction business for 25 years until its sale to Lend Lease in 1999 ? after P&O was bought out by a Dubai-based group and its shares de-listed.

Among the contractors, Carillion firmed a ha'penny to 332p on solid results, with Bridgewell and Teather & Greenwood among the brokers reiterating 'buy' ratings.

Balfour Beatty ticked up 13.25p to 386.25p on bumper results and created an upside that helped T Clarke, despite the electrical contractor revealing a drop in underlying profits.

Brokers Dresdner Kleinwort and Arbuthnot were both positive on T Clarke, reiterating 'buy' ratings that helped the stock onto last week's leaderboard.

There was less confidence in Redrow as the firm's profits from house building fell.

The stock had been trading close to its 12-month high but was marked down 16p to 544p with broker ABN downgrading Redrow to 'hold' from 'buy' and Citigroup doing the same, citing results that were 'more or less' in line with expectations.

Citigroup did raise its target price on Redrow by 30p to 585p on a positive long-term outlook but saw limited shortterm upside.

Positive results from builders merchant Travis Perkins prompted upgrades, with Citigroup changing its rating from 'hold' to 'buy' and hiking the target price to 1,695p from 1,415p, while Credit Suisse raised its target price by 240p to 1,540p.