LONDON (ShareCast) - Construction and material stocks were making gains on Tuesday, helped by a good performance from Irish firm CRH after a decent turnaround in the third quarter.

The FTSE 100-listed building materials stock was trading 3.4% higher at 1,613p before the close of trade after reporting that like-for-like sales improved by 2% in the three months to September. This compares with the 6% LFL decline seen in the first six months of the year after difficult weather conditions hit sales.

CRH also hiked its target for cost savings this year after an acceleration in its ongoing spend reduction programme in Europe.

The company reiterated its guidance for earnings before interest, tax, depreciation and amortisation (EBITDA) in the second half to be flat year-on-year at €1.04bn, "assuming normal weather patterns for the remainder of this year".

CRH, which has a market capitalisation of £11.4bn, works across the infrastructure, construction and repair/maintenance markets. It operates across 35 countries and employs around 76,000 people.

The stock has risen by nearly 30% so far in 2013.

Others in the sector were making gains on Tuesday, including Mountfield Group, Henry Boot, Renew Holdings, Marshalls, Kingspan, Costain and Low & Bonar.


Top performing sectors so far today
Construction & Materials 4,419.05 +2.06%
Electronic & Electrical Equipment 4,105.69 +1.73%
Mobile Telecommunications 5,336.62 +1.06%
Fixed Line Telecommunications 4,317.54 +0.81%
Food Producers & Processors 7,172.20 +0.40%

Bottom performing sectors so far today
Industrial Metals & Mining 1,464.42 -3.47%
Technology Hardware & Equipment 1,091.61 -1.75%
Oil Equipment, Services & Distribution 24,431.64 -1.05%
Financial Services 7,392.79 -0.97%
Mining 16,918.12 -0.73%

BC

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