<strong>ANDY BROWN PANMURE GORDON<br /></strong>The company is still facing a tough trading environment, and, though we are seeing signs of market stabilisation, the housebuilding industry is just bouncing along the bottom. The shares went up because headline numbers were better than expected, but a 10 per cent rise is a bit overdone.<br /><strong><br /></strong><strong>RICHARD CURR&nbsp; PRIME CFDS<br /></strong>Although the Wolseley first-half performance contains the legacy of the credit crunch, the well-timed rights issue and subsequent falling debt levels have resulted in greater financial stability, although the group is still continuing to cut costs where possible.<br /><br /><strong>KEITH BOWMAN HARGREAVES LANSDOWN</strong><strong><br /></strong>Debt has been reduced in line with expectations, while the omission of a final dividend payment will further conserve cash. The new chief executive is hoping to take a more &ldquo;hands on&rdquo; approach, while his experience at Alliance UniChem may be fostering longer term merger/takeover hopes.