Housebuilders were among the biggest winners in London trading on Wednesday.
Redrow posted property’s biggest gain of the session, rising by more than 7% to 687.4p a share amid takeover rumours fuelled by a report on M&A website Betaville.
Analysts at Jefferies said they believed the rumours were just that, quoting a message from Redrow’s CFO, Barbara Richmond, to their team: “Complete news to us! I am on holiday and [chief executive] Matthew [Pratt] is on his way to the races. That tells you everything.”
The company has made no official statement on the rumours, but its stock rise was among the biggest gains in the FTSE 350 today.
In the FTSE 100 there were notable increases for Barratt Developments (up 2.3% to 722p) and Taylor Wimpey (up 2.2% to 176.6p).
Bellway, Vistry and Crest Nicholson all saw rises, as did Persimmon, which this morning posted a 60% rise in half-year profit.
The FTSE 100 closed at 7,169, just nudging down 0.2%, while the FTSE 250 was up 0.6% at 23,836.
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