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Market Watch


SHARES in Mowlem held steady last week despite its failure to declare an interim dividend.

With nearly 35 million shares traded, Mowlem ticked up 4.25p to 160p, which is still well short of the stock's 12month high of 223.5p.

Another contractor, Mitie, was among the week's biggest losers as broker Panmure Gordon downgraded the maintenance firm to 'hold' from 'buy'.

Panmure Gordon also downgraded Amec to 'hold' but the shares held steady, firming 4.25p to 364p.

Barratt made the leaderboard despite some downbeat responses in the City with Swiss investment bank CFSB cutting its forecasts and reiterating an 'underperform' rating.

US giant Merrill Lynch is only neutral on Barratt but Teather & Greenwood was more positive, highlighting 13 years of organic growth at the house building giant.

T&G's David Taylor was one of a number of analysts invited to Pilkington's car glass plant last week as the UK firm, the subject of bid rumours by global glass giant Saint Gobain, looked to reassure the Square Mile.

Mr Taylor said: 'It's hard to think of anyone that will have left without a more positive view of Pilkington than the one they arrived with.' Not everyone was convinced, though, with Citigroup marking Pilkington, which is the world's second-largest car glass supplier with a 23 per cent market share, out as a 'sell' to 124p. Amid heavy trading, Pilkington's shares were among last week's biggest losers.