Sector movers: Redrow and Reckitt give household sector a lift

Well-received results from builder Redrow and consumer products group Reckitt Benckiser meant the household goods and home construction sector was the best performer in London on Wednesday.

Redrow's share price had surged over 12% to 333p by the afternoon session after the company impressed with a strong set of half-year results, driven by strong demand for new homes and welcomed changes to the stamp-duty system.

The group saw a 54% increase in its revenues to £560.6m while profits before tax rose 92% to £91.2m. It also doubled its interim dividend to 2p per share.

Chairman Steve Morgan said he expects "another strong year of growth" with the demand for new homes still strong.

Fellow builders such as Crest Nicholson, Persimmon, Bellway, Barratt Developments, Taylor Wimpey, Bovis Homes and Berkeley Group were also in demand.

Meanwhile, Cillit Bang, Dettol and Durex manufacturer Reckitt Benckiser rose 3.1% to 5,765p as it delivered fourth-quarter net revenue growth of 5% to £2.3bn, comfortably ahead of forecasts. The group also said it expected "moderate to nice" margins for 2015 despite its new Supercharge cost-saving project.

Solid results from homewares retailer Dunelm may have also given sentiment in the housing sector a boost, with carpet makers Victoria and Headlam both making gains.

Top performing sectors so far today
Household Goods & Home Construction 13,749.56 +3.02%
Fixed Line Telecommunications 5,154.37 +2.56%
Technology Hardware & Equipment 1,279.94 +2.23%
Industrial Metals & Mining 1,828.91 +1.64%
Software & Computer Services 1,340.20 +1.60%

Bottom performing sectors so far today
Oil Equipment, Services & Distribution 16,492.05 -1.90%
Mining 13,929.30 -1.72%
Automobiles & Parts 8,681.24 -1.38%
Industrial Transportation 2,733.43 -1.34%
Food Producers & Processors 7,767.54 -1.15%