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SHARE WATCH: Wait for US data sees UK construction shares fall

Construction shares struggled this morning as traders awaited key jobs data from the United States.

Despite an upbeat finish on Wall Street, Asian markets traded downwards ahead of the monthly jobless figures - expected to give fresh evidence of the worsening recession in the US.

The FTSE 350 Construction and Materials index was down 1.75 per cent this morning to 3,673 points while the FTSE 350 Support Services fell 1.5 per cent to 2,863.

The majority of the industry’s publicly listed firms saw small share price dips, but there was some good news out there.

Ennstone continued its great run in 2009 rising 61 per cent to 1.3 pence a share.

Rok enjoyed a rise of 15 per cent while house builder Taylor Wimpey also continued a good run gaining 18.3 per cent taking its share price above 20 pence.

But housebuilder Bovis Homes fell 0.5p to 444.25p after saying its forward sales had fallen 48 per cent below a year earlier and announcing nearly 200 job cuts.

Yesterday’s 0.5 per cent Bank of England interest rate cut to the lowest level in history failed to buoy the FTSE 100 which was 0.6 per cent down at 4,477 points.

Further reading:

Bovis Homes announces 200 job cuts – click here

Construction News story sends Taylor Wimpey shares soaring – click here

Bank of England’s historic interest rate cut – click here