Barratt down by more than 10%
Jun 25 2008 by Graeme King, The Journal
ON A volatile day the FTSE 100 Index closed 32.5 points down at 5634.7.
Shares in financial companies dominated the major risers, with the mining sector also strong. Companies in the property and retail sectors were among the biggest fallers.
A report by the British Banking Association showed that mortgage approvals fell to an 11-year low in May. Approvals for house purchases were 56% lower than in May last year.
In The Journal 40, housebuilder Barratt Developments fell by 10.8% to 74.75p and Bellway was down 5% closing at 467.5p.
Elsewhere Tolent, the Gateshead-based provider of building and civil engineering services where we act as broker, stated that trading for the first four months of the year had been disappointing. Also results for the first half will be adversely affected by two provisions amounting to £950,000.
Tolent added that it currently has a secured forward workload of £120m, with a further £40m of orders close to signing and commencement on site. Shares in Tolent fell by 35p and closed at 102.5p.
Also in The Journal 40, Premier Direct, the book and novelty goods retailer, announced that KBC Peel Hunt has resigned as nominated adviser, with effect from June 16, 2008. This follows the appointment of Simon Wilson and Scott Gaillie of Kroll as joint administrators of the company.
Premier Direct said it was unlikely another nominated adviser will be appointed, in which case the company’s quotation on AIM will be cancelled on July 17, 2008. Shares were unchanged at 16p.
Fergus Westwood Fergus.westwood@brewin.co.uk
