The Bank of England’s interest rate rise last week to 5.5% took a toll on the share prices of contractors and housebuilders.

Housebuilders were the biggest victims. Redrow fell 4.3% to 615.50p, while Taylor Woodrow dropped 3.9% to 486p. Its intended future bedfellow George Wimpey fell 2.6% to 589p. Contractors also felt the impact. The construction and materials index fell 2.2% to 6782.11, comparing unfavourably with the FTSE all-share, which fell 0.7%. Balfour Beatty slipped 2.3% to 480p and Kier 3.7% to £24.16.

Baggeridge Brick, whose proposed £89.2m takeover by Wienerberger was given the green light last week by the Competition Commission, bucked the trend. Its shares rose 1.1% to 221.5p, settling well above the Austrian firm’s original 216p a share approach, sparking hopes of an increased offer. This optimism was rewarded on Wednesday when the offer rose to 220p a share.