Housebuilding shares send FTSE soaring

Housebuilding shares were the stand out performers today as the London market made strong gains amid further falls in oil prices.

Shares in Barratt Developments jumped 25% after it emerged that investment group Polaris Capital Management had built a 6% shareholding in the company. The move prompted significant buying interest in firms such as Taylor Wimpey and Persimmon, which both enjoyed double digit percentage gains.