Housing stocks provide shelter for FTSE 100

The FTSE 100 held on to its gains from early trading to close higher, as buoyant housing stocks helped to offset pandemic-related concerns.

Housing firms saw their shares strengthen following reports that the government is to extend the timeframe of the Help to Buy scheme as construction work was affected by the pandemic, pushing the likes of Taylor Wimpey and Berkeley higher.

Markets elsewhere in Europe were inconsistent as fears over second waves, and wrangling over a US stimulus deal, weighed on sentiment.

London’s top flight closed 24.38 points higher at 6,129.26p at the end of trading yesterday.

Sterling moved to its highest level against the dollar since early March as traders welcomed positive retail statistics from the CBI.

The pound rose 0.5% versus the US dollar at 1.294 and was up 0.67% against the euro at 1.103.

The major European markets nudged marginally lower following a cautious trading day.

The German Dax decreased by 0.03%, while the French Cac moved 0.22% lower.

The price of oil dipped slightly as a result of the generally downbeat mood among traders.

The price of a barrel of Brent crude oil decreased by 0.69% to 43.22 US dollars.

The biggest risers on the FTSE 100 were Pearson, up 31p at 543.2p, Berkeley, up 223p at 4,694p, Barratt, up 24.2p at 541p, and Next, up 170p at 5,262p.

The biggest fallers were GVC, down 16.6p at 714.8p, CRH, down 57p at 2,944p, Spiraxsarco, down 195p at 10,500p, and WPP, down 10.6p at 592.4p.