Heating supplier Wolseley sets pace on FTSE

UK plumbing and heating supplier Wolseley set the pace among blue-chip FTSE firms after its interim results came in above analysts’ expectations.

The group rose 36p to 1235p despite posting a 17.6% drop in pre-tax profits after it was hit by the US housing market slowdown. The loss was not as great as analysts feared and an optimistic outlook statement boosted the stock.