UK housebuilders, property firms jump as inflation slows sharply
19/07/2023 08:49
(Updates)
** UK housebuilders' index .FTNMX402020 surges 6.4%, set
for best day since November 2008; housing index rises sharply
for second consecutive day
** FTSE Real Estate index .FTUB3510 , which includes
commercial property firms and real estate investment trusts
(REITs), jumps 5.3%, en route to best day since Feb. 2
** British inflation fell by more than expected in June and
was its slowest in over a year at 7.9%, easing some pressure on
the Bank of England to keep on raising interest rates sharply
** Housing index gained about 4% on Tuesday as expectations
grew that British rates might peak sooner than initially feared
** FTSE 100 .FTSE homebuilder Persimmon PSN.L top pct
gainer in the index, up 7.5%
** Barratt BDEV.L and Taylor Wimpey TW.L gain 5.7% and
6.7%, respectively
** Mid-cap housebuilders Bellway BWY.L and Crest Nicholson
CRST.L rise more than 7% each
** High-end builder Berkeley BKGH.L and Vistry VTYV.L
rise 6% and 6.6%, respectively
** All 28 constituents, which are currently trading on Real
Estate index, gain
** Commercial property firms Segro SGRO.L and Land
Securities LAND.L rise about 6% and 5%, respectively; stocks
among top pct gainers on FTSE 100
(Reporting by Aby Jose Koilparambil in Bengaluru)
((abyjose.koilparambil@thomsonreuters.com))