FTSE builds on houses

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The FTSE 100 Index gained 12 points to 5,759.3 points today, led by housebuilder Persimmon on optimism about the sector outlook.

But more losses for oil major Royal Dutch Shell after its results and a drop on Wall Street kept market gains to a minimum. Housebuilders were a popular pick after Bellway said it sold more homes in the six months to end-January than a year ago and that it was on track to meet full-year goals. Bellway ended up 1.3% to 1,180p, while Redrow finished 4% higher at 551p and Persimmon rose 3.4% to 1,315p. On the downside, Kingfisher fell 3.8% to 230p after joint house broker Credit Suisse cut its 2006/7 profit forecast by 12% ahead of the firm's fourth-quarter trading update next week, citi...

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