Business

Berkeley Homes shares jump 7% to buck FTSE downward trend

London stock brokers (file photo) Image copyright AFP

(Close): Strong results from builder Berkeley boosted the housebuilder's shares by 7.3% - against the generally weaker trend elsewhere on the London market.

The company said it would meet its targets and increased the amount it was paying out in dividends.

But it also said that London would need fewer homes if the UK chose to leave the EU.

Berkeley said leaving the EU could lead to lower growth.

The company said adjusted pre-tax profits rose 10% to £242m in the first half of the year.

But the FTSE 100 fell on the day, closing down 36.7 points, or 0.59%, at 6,238.3.

Broker recommendations drove some of the day's biggest movers.

Software group Sage rose 5.2% while Costa-owner Whitbread fell 2.9%, both on analysts' advice.

On the currency markets, the pound was down two fifths of a cent against the dollar at $1.5109, but up a third of a cent against the euro to €1.3876.