FTSE Rises, House-Builders Edge Higher After Mixed Sector News

07/07/2021 | 05:32am

House-Builders Edge Higher After Mixed Sector News

U.K. house-builders make modest gains after mixed sector news, with upbeat trading statements from Redrow and Vistry Group offsetting news of falling house prices. FTSE 250-listed Redrow rises 2.8% after it forecast higher annual revenue and reported strong second-half trading and higher sales. Meanwhile, Vistry said first-half trading topped its expectations. Persimmon is the sector's top blue-chip riser, up 1.1%, followed by Berkeley Group Holdings, Barratt Developments and Taylor Wimpey. Still, average U.K. house prices slipped 0.5% in June, the first monthly fall since January, mortgage lender Halifax said. "This may be the first sign house-price growth is starting to run out of steam," Lucy Pendleton, property expert at independent estate agent James Pendleton, says.

Companies News: 

Woodbois 1H Revenue Rose Amid Timber, Veneer Production Growth

Woodbois Ltd. said Wednesday that its performance for the first half of the year was strong, boosted by revenue growth, as well as increases in sawn timber and veneer production.


BBGI Global Infrastructure to Raise GBP50 Mln

BBGI Global Infrastructure SA said Wednesday that it will raise around 50 million pounds ($69 million) via a discounted share placing.


Impax Asset Management's 3Q Assets Under Management Rose

Impax Asset Management Group PLC said Wednesday that assets under discretionary and advisory management for the third quarter of fiscal 2021 rose.


Foxtons Group Chairman to Retire

Foxtons Group PLC said Wednesday that Chairman Ian Barlow plans to retire from the board once a successor has been found, but no later than Dec. 31.


Redde Northgate FY 2021 Pretax Profit Rose; Confident on FY 2022

Redde Northgate PLC said Wednesday that pretax profit for fiscal 2021 rose thanks to higher revenue and merger synergies, and that it is well positioned for further growth in the year ahead.


Wincanton's Strong 2H Revenue Performance Continues Into New Fiscal Year

Wincanton PLC said Wednesday that the strong revenue performance of the second half of fiscal 2021 has continued into the first quarter of fiscal 2022, and that it is trading in line with expectations.


K3 Capital to Acquire Two Advisory Firms, Raise GBP10 Mln

K3 Capital Group PLC said Wednesday that it is acquiring advisory firms, Knight Corporate Finance Group Ltd. and Knight R&D Ltd., and intends to raise 10 million pounds ($13.8 million) to fund the deal.


Ten Entertainment Returns to Profitability, Sales Growth Following Site Reopenings

Ten Entertainment Group PLC said Wednesday that it has returned to cash generation and profitability since reopening its centers.


Arena Events FY 2021 Pretax Loss Narrowed on Lower Costs

Arena Events Group PLC said Wednesday that its pretax loss narrowed in fiscal 2021 after booking lower costs, and that fiscal 2022 will be a year of transition to full normality as events begin to allow some level of spectators.


KKV Secured Loan to Return GBP10.6 Mln to Ordinary Shareholders

KKV Secured Loan Fund Ltd. said Wednesday that it has resolved to return 3 pence a share, with a current value of 10.6 million pounds ($14.6 million), to ordinary shareholders.


Advanced Medical Solutions' 1H Revenue, Adjusted Pretax Profit Expected to Rise

Advanced Medical Solutions Group PLC said Wednesday that it continued to recover from the effects of the pandemic in the first half of the year, with revenue and adjusted pretax profit expected to rise significantly.


Enteq Upstream FY 2021 Loss Narrowed on Lower Exceptional Costs

Enteq Upstream PLC on Wednesday reported a narrowed loss for the fiscal year, although its adjusted earnings fell significantly.


Octopus Renewables Raises GBP150 Mln Via Share Issue

Octopus Renewables Infrastructure Trust PLC said Wednesday that it has raised 150 million pounds ($207 million) in an equity issue.


Quartix Technologies Warns on Cash Flow Hit From Supply Constraints

Quartix Technologies PLC said Wednesday that it expects a hit to cash flow for the first half as it faces challenges in sourcing electronic components, but that it is on track to achieve consensus expectations for 2021.


i3 Energy to Acquire Cenovus Energy for $52.2 Mln; Shares Fall

i3 raised GBP40 million to fund the transaction.


Circle Property Swung to FY 2021 Pretax Loss

Circle Property PLC said Wednesday that it swung to a pretax loss for fiscal 2021 after booking a loss on the revaluation of investment properties, but that fiscal 2022 has got off to a strong start.


Tribal Group Is Confident About Growth Plans for 2021 After Contract Wins

Tribal Group PLC said Wednesday that it has won its first two contracts for its recently-launched Tribal Admissions module, which gives it confidence in achieving its growth aspirations for 2021 and beyond.

Market Talk: 

UK House Prices Unlikely to Correct Lower

0910 GMT - U.K. house prices fell on a monthly basis for the first time since January in June but that doesn't mean the housing market boom is over, EY Item Club says. Halifax reported a 0.5% month-on-month decline in house prices for June while annual growth slowed to 8.8% from May's 14-year high of 9.6%. "That was still very strong by past standards--prices grew by an annual average of 4.5% from 2015-19--and left average prices GBP21,000 higher than a year earlier," EY economist Martin Beck says. A correction in property prices is unlikely in the near term due to the relatively good financial shape of households, changing housing preferences, very low mortgage rates and a strong economic recovery, he says.


UK CPI Is Expected to Rise Sharply in the Coming Months

0848 GMT - The consumer price index in the U.K. is expected to rise by about 4% around the turn of the year after increasing 2.1% in May, Paul Dales, chief U.K. economist at Capital Economics, says. The index will climb further due to low-base effects from 2020 and higher prices for both commodities and components which are in short supply. Firms are likely to partly pass on these price increases to customers, he says. However, the upturn in consumer prices should be temporary, Dales says. "We still think this will be a short, sharp spike in inflation that won't feed into persistently faster pay growth or higher inflation expectations for a couple of years yet," he says.

Contact: London NewsPlus, Dow Jones Newswires; +44-20-7842-931

(END) Dow Jones Newswires

07-07-21 0531ET

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