Newspaper article The Journal (Newcastle, England)

Stagecoach Shares Up Following Deal

Newspaper article The Journal (Newcastle, England)

Stagecoach Shares Up Following Deal

Article excerpt

Lower copper prices and higher than expected stocks of crude oil in the US weighed on mining and oil companies yesterday leaving the FTSE 100 Index 25.8 points lighter at 5495.3

Positive comments from the Royal Institute of Chartered Surveyors (RICS) yesterday provided a boost for the housebuilding sub-sector. The RICS expects house prices to rise by 4% in 2006 and 2007 as a result of lower interest rates and robust growth in employment. In its forecasts, the Institute also factored in a 0.25% reduction in interest rates over the coming months. A further sign that the housing market may be over the worst was an increase in mortgage approvals in October, which hit 113,000, compared with a monthly average of 100,000 over the past decade. Shares in Barratt Developments and Bellway responded well to the news, rising 17p to 941p and 6p to 1039p, respectively.

Stagecoach announced yesterday that it had completed the acquisition of Traction Group, the sixth largest operator of bus services in the UK, on Wednesday. …

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