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Barratt shares soar on hedge fund interest

Financial Times – Shares in Barratt Developments led the housebuilding sector higher on Monday morning as it revealed a US fund manager had increased its stake in the heavily-indebted company to more than 6 per cent.

Polaris Capital Management, a Boston-based value fund manager, had previously bought a 5.73 per cent stake in Barratt, whose shares have tumbled as the housebuilding industry has suffered sharply lower sales volumes and weakening sales prices in the wake of the credit crunch.

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