Investors turn the taps back on at Travis thanks to Brexit price rises

Travis Perkins fixed its leaking share price today amid signs that its plumbing and heating division may be over the worst of its recent troubles.

Brexit-driven price rises have helped the Wickes and Toolstation owner as group underlying sales jumped 4.1% in its most recent trading quarter.

Investors breathed a sigh of relief after the update, with the shares up 3%, or 42p, to 1514p.

Travis Perkins lost its place in the FTSE 100 index this year, having been rocked by post-Brexit jitters and poor trading in the plumbing division, which is home to 300 branches under the City Plumbing brand.

Today, the builders’ merchant said underlying sales in plumbing and heating had “improved significantly”, with the jump of 5.4% also aided by some recent store closures.

Elsewhere on the FTSE 100 index, there were encouraging signs on recent trading from Rentokil Initial after the pest control business posted strongquarterly revenue growth.

Third-quarter revenues rose 13.7% to £579.5 million, boosted by a string of takeovers. Despite the recent impact of hurricanes on some of its markets, chief executive Andy Ransom said the company was on track to meet its full-year targets.

But, having risen to a record high in recent sessions, the shares were flat, up 0.3p at 312.8p.

On the 30th anniversary of Black Monday, when the FTSE 100 lost a fifth of its value over the course of two days, the top flight was down by a more manageable 20.46 points at 7522.41.

Japan’s Nikkei rose for the 13th day in a row, its longest winning run since 1988, but generally Asian markets were subdued after figures showed China’s GDP slowed slightly to 6.8% year-on-year in the third quarter.

Among other developments, investors continued to go crazy for Marshalls, driving shares in the maker of paving products to fresh highs.

The rise of 7%, or 31.2p, to 470p came as it splashed out £38.3 million on the acquisition of CPM Group, based in the South West, in a deal that expands the company’s product range into below-ground drainage services.

Meanwhile, online travel agency On The Beach was under a cloud despite a strong summer of trading.

The Manchester-based company boasts a 20% share of the UK online short-haul beach holidays market, having been set up in a terraced house by chief executive Simon Cooper in 2003.

It said trading had been particularly strong during the key summer trading period, with sales growth of 26%.

However, the failure of Monarch Airlines means there will be one-off costs from helping customers to organise alternative travel arrangements.

The shares were 2% lower at 440.5p.