Wolseley pushes up its share price

Plumbing and heating giant Wolseley gave its share price a boost today after it said it expected trading profits to top market expectations.

Wolseley, which trades as Build Center and Plumb Center, said the upgrade reflected cost efficiencies rather than improved trading conditions.

"The economic environment continues to provide limited visibility and demand is not consistent across our business units."

Despite the cautious outlook, Wolseley shares jumped 12% on the news, gaining 175p to 1624p, as investors welcomed the guidance that trading profits before exceptional items would exceed the current analysts' consensus forecast of £326 million in the year to July.