{"id":81621,"date":"2023-11-07T08:04:08","date_gmt":"2023-11-07T13:04:08","guid":{"rendered":"https:\/\/ifintechworld.com\/markets\/persimmon-shares-lead-u-k-housebuilders-higher-on-better-sales-and-news-of-higher-prices\/"},"modified":"2023-11-07T08:04:11","modified_gmt":"2023-11-07T13:04:11","slug":"persimmon-shares-lead-u-k-housebuilders-higher-on-better-sales-and-news-of-higher-prices","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=81621","title":{"rendered":"Persimmon shares lead U.K. housebuilders higher on better sales and news of higher prices"},"content":{"rendered":"
\n

Shares of Persimmon
\n PSN,
\n +5.09%<\/bg-quote>
\n led the U.K. housebuilding sector higher Tuesday after the London-listed company reported an improvement in autumn sales and a survey showed the first increase in home prices in seven months.<\/p>\n

The York-based construction group said in a third-quarter trading update that the average number of homes sold at its sites per week rose to 0.59 over the past five weeks, compared with 0.45 in 2022. Persimmon expected to sell at least 9,500 units in 2023, up from previous guidance of at least 9,000 for the year.<\/p>\n

\n

The British housebuilding sector has struggled of late after the Bank of England\u2019s battle to constrain inflation pushed interest rates to a 15-year high of 5.25%, forcing up mortgage costs and deterring home buyers.<\/p>\n

And Dean Finch, Persimmon chief executive, said: \u201cWhile the near term is likely to remain challenging and we remain disciplined on costs, we continue to position the business for growth when the market recovers, as demonstrated by our further progress on planning in the period.\u201d<\/p>\n

However, investors were cheered by the signs of a pick up in Persimmon\u2019s sales, sending the shares \u2014 which are still down 7% for the year \u2014 up nearly 5% in London trading.<\/p>\n

Also helping lift sentiment was news from mortgage lender Halifax that U.K. house prices snapped a six-month losing streak to rise 1.1% between September and October as reluctant sellers held back supply.<\/p>\n

AJ Bell investment director Russ Mould said the house price data meant Persimmon had picked a good day to release its update: \u201cThis helped paint the company\u2019s statement in a positive light as it announced an increase in its build target for the year thanks to improved sales since the start of the October.\u201d<\/p>\n

\u201cThe sector is clearly not out of the woods yet but there are some shards of light creeping through a gloomy outlook,\u201d Mould added.<\/p>\n

Other housebuilders joined the rally, with shares of Barratt Developments
\n BDEV,
\n +2.75%<\/bg-quote>
\n adding nearly 3% and Taylor Wimpey
\n TW,
\n +1.63%<\/bg-quote>
\n up 2.5%. However, weakness in energy groups as the price of oil dipped left the FTSE 100
\n UK:UKX
\n in London barely changed on the day. Frankfurt\u2019s DAX
\n DX:DAX
\n lost 0.4% and the CAC 40
\n FR:PX1
\n in Paris shed 0.7% as U.S. futures pointed to a soft opening on Wall Street.<\/p>\n

Helping London\u2019s bourse outperform was a 6% pop in shares of Associated British Foods
\n ABF,
\n +7.36%<\/bg-quote>
\n after the group launched another \u00a3500 million ($617 million) share buyback, proposed a special dividend and said it expects margins at its retailer arm Primark to recover strongly.<\/p>\n

\u201cOne of ABF\u2019s key strengths is its diversified portfolio of businesses,\u201d said Aarin Chiekrie, equity analyst at Hargreaves Lansdown. \u201cThe key Primark business has benefitted from a changing retail landscape over the past few years, especially with the demise of Debenhams and Topshop.\u201d<\/p>\n

Over in Zurich, shares of UBS
\n UBSG,
\n +2.42%<\/bg-quote>
\n rose 3% after the Swiss banking giant delivered a $785 million loss in the third quarter \u2014 after recording $2 billion worth of integration expenses from acquiring Credit Suisse \u2014 but also saw $33 billion of new deposits. <\/p>\n

Shares of Watches of Switzerland
\n WOSG,
\n +10.98%<\/bg-quote>,<\/span>
\n which are listed in London, jumped 10% after delivering a trading update that calmed investors nerves.<\/p>\n

\u201cWatches of Switzerland has now updated the market with the news that despite headwinds, people are still buying posh watches,\u201d said AJ Bell\u2019s Mould. <\/p>\n

\u201cA new growth plan has also been unveiled, with used watches becoming more important, an intention to speed up opening new showrooms and making acquisitions, and to become a key player in luxury branded jewellery. It hopes this strategic move will more than double sales and profits over the next five years,\u201d Mould added.<\/p>\n<\/p><\/div>\n<\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Shares of Persimmon PSN, +5.09% led the U.K. housebuilding sector higher Tuesday after the London-listed company reported an improvement in autumn sales and a survey showed the first increase in home prices in seven months. 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