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LAND - Land Securities News Story

605.8p 4.8  0.8%

Last Trade - 29/05/20

Sector
Financials
Size
Large Cap
Market Cap £4.49bn
Enterprise Value £8.48bn
Revenue £741.0m
Position in Universe 161st / 1825

BUZZ-Boris Johnson's election win thrusts UK homebuilders higher

Fri 13th December, 2019 9:09am
** UK homebuilders propelled higher after Conservatives win outright majority in Parliament, allowing PM Boris Johnson to lead Britain out of the EU by Jan. 31 ** An index of homebuilders .FTNMX3720 rallies nearly 5% on Friday, hitting its highest level since Jan. 2018 and outperforming most other blue-chip sectors ** Index also tracking its biggest one-day pct gain since May 2010 ** Johnson's win helps rally blue-chips Berkeley BKGH.L , Barratt BDEV.L , Taylor Wimpey TW.L and Persimmon PSN.L to surge between 10% and 12% ** The four housebuilders together added roughly 3 billion pounds in market value to the FTSE 100 in less than an hour of trading ** "This is an incredible reaction given the rally in the pound as well, but it also speaks to the relief of a pressure valve being released as money flows back into UK assets," CMC Markets analyst Michael Hewson says ** Homebuilders are considered to be among stocks most sensitive to Brexit developments due to their extensive exposure to the domestic economy and sterling ** Shares of real estate cos also jump; British Land BLND.L and Land Securities LAND.L up 5% and 7%, respectively ** Real estate agent Foxtons FOXT.L tops small-cap index with 12.1% rise <^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^ uk sectors https://tmsnrt.rs/2PJ8o6L ^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^> (Reporting by Samantha Machado and Shashwat Awasthi in Bengaluru) ((Samantha.machado@thomsonreuters.com; Within UK +44 20 7542 1810; Outside UK +918067499956; Twitter: https://twitter.com/SamanthaM_TR;))
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